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Hilton Announces Sale of 600-Room Anchorage Hilton

Hilton Announces Sale of 600-Room Anchorage Hilton

Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2005-12-30

Hilton Hotels Corporation (NYSE:HLT) announced today that it has sold the 600-room Anchorage Hilton to CP Anchorage Hotel 2, LLC, a Delaware limited liability company, for approximately $65 million. It is estimated that the new ownership will spend $12 million in additional capital to upgrade the property. The hotel will continue to operate as a Hilton branded property under the terms of a 20-year franchise agreement.

"We are pleased to have received an attractive price for this property, while keeping it in the Hilton Family as part of a franchise agreement," said Dave Sherf, senior vice president - Real Estate/Asset Management, Hilton Hotels Corporation.

Hilton Hotels Corporation is recognized internationally as a preeminent hospitality company. The company develops, owns, manages or franchises approximately 2,300 hotels, resorts and vacation ownership properties. Its portfolio includes many of the world's best known and most highly regarded hotel 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 Company(R) and Homewood Suites by Hilton(R).

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