Hilton Completes the Sale of the Scandic Hotel Chain to EQT for EUR 833 Million ($1.1 Billion)
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Hilton Completes the Sale of the Scandic Hotel Chain to EQT for EUR 833 Million ($1.1 Billion)
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2007-04-30
Hilton Hotels Corporation (NYSE:HLT) today completed the sale of the 132 hotel Scandic chain to EQT for EUR 833 million or approximately US$1.1 billion. Net proceeds after transaction costs and taxes are expected to be approximately $1.04 billion and will be used to pay down debt.
As announced on March 2, 2007, this transaction is expected to reduce the company's 2007 recurring EPS by $.10 per share.
Hilton Hotels Corporation (NYSE:HLT) is the leading global hospitality company, with more than 2,800 hotels and 480,000 rooms in 76 countries and territories, including 100,000 team members worldwide.
The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hilton(R), Conrad(R), Doubletree(R), Embassy Suites Hotels(R), Hampton Inn(R), Hampton Inn & Suites(R), Hilton Garden Inn(R), Hilton Grand Vacations(TM), Homewood Suites by Hilton(R) and The Waldorf=Astoria Collection(R).
The Hilton Family of Hotels adheres to founder Conrad Hilton's philosophy that, "It has been, and continues to be, our responsibility to fill the earth with the light and warmth of hospitality." The company put a name to its unique brand of service that has made it the best known and most highly regarded hotel company: be hospitable(R). The philosophy is shared by all brands in the Hilton Family of Hotels, and is the inspiration for its overarching message of kindness and generosity.
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