Under terms of the 50-year deal, which is retroactive to 1996,Beverly Hills-based Hilton will pay the city a minimum of $1.1 million annually forthe property. The original lease wasn't set to expire until 2019, butthe new lease provides the hotel company certainty that it will havecontrol of the property for the next several decades.
The new lease has actually been in the works since 1994, when the city agreed to negotiate an extension of the old pact as part of Hilton's plan to launch a $25-million renovation. Therenovation was finished five years ago, officials at Hilton say.
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