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Hilton shares jump on report of REIT spinoff

Hilton Worldwide shares jumped Wednesday on a report the company could spin off hotel properties into a real estate investment trust.

Hilton could announce the trust, or REIT, by early next year, according to The Wall Street Journal. The hotel chain has privately sought Internal Revenue Service approval for the move, according to the report. An earlier version of the Journal story suggested Hilton had already received the IRS' blessing.

The stock spiked as much as 10 percent after the report before giving up about half of those gains. It closed up more than 5 percent at $22.45.

The shares are down about 14 percent this year.

Hilton declined to comment to CNBC.

Click here to read the full Wall Street Journal report.