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Hilton Hotels Corp. has sold 11 properties for $416 million and anticipates divesting about eight more properties by the end of the year.
Hilton Hotels Corp. has sold 11 properties for $416 million and anticipates divesting about eight more properties by the end of the year.
The company said the net proceeds after property level debt repayment, minority partner distributions, selling costs and income taxes totaled about $335 million.
The transactions included the Hilton Suites in Anaheim, California, a Doubletree Hotel in Bellevue, Washington, the Hilton Alexandria in Virginia, Hilton Charlotte in North Carolina, and Hilton in East Brunswick, New Jersey, among others.
Robert M. La Forgia, senior vice president and chief financial officer of Hilton Hotels said, “One of our stated objectives going into 2005 was to take advantage of the favorable markets and sell certain hotel assets.”
The company said its sale of the Palmer House Hilton in Chicago is expected to complete in the third quarter.
Hilton said it has also planned to sell eight more properties, including the Hilton Anchorage in Alaska, the Hilton Boston Back Bay and the Hilton Minneapolis. Most of these sales are expected to be completed by the end of the year, with Hilton retaining management or franchise agreements on the majority of the properties.
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