Park Hotels Executive Says Tax Expertise Must Be a REIT Core Competency

Scott Winer, senior vice president, tax at Park Hotels & Resorts Inc. (NYSE: PK), participated in a video interview at REITwise 2018, Nareit’s Law, Accounting & Finance Conference in Hollywood, Florida.

Winer, who previously served as vice president, taxes at timber REIT Rayonier Inc. (NYSE: RYN), emphasized that for REITs, tax expertise must be a core competency. He also underscored the need for a good mix between internal tax departments and external tax advisors.

“There’s got to be a good focus on tax and you’ve got to have regular communication with your service providers,” Winer said.

As for best practices for managing the REIT compliance function, Winer said he opts for regular check-ins with the REIT’s accounting and legal firms “to make sure everyone’s on board with what’s happening from an operational perspective.”

Turning to recent tax reform legislation, Winer said Park Hotels is still looking at the deemed repatriation of foreign earnings, the global intangible low-taxed income or “giliti” tax and the interest limitation aspects of the bill.