Hilton Plans To Sell Eight More Hotels

The eight hotels that the chain plans to sell are the 600-room Hilton Anchorage in Alaska, the 385-room Hilton Boston Back Bay, the 395-room Hilton Dallas-Ft. Worth Lakes, the 821-room Hilton Minneapolis, the 585-room Hilton Pointe Resort Tapatio Cliffs in Phoenix, the 782-room Hilton Portland in Oregon, the 357-room Hilton San Diego Mission Bay and the 713-room Hilton Pittsburgh.

The company expects the majority of the sales to close by year-end and anticipates retaining management or franchise agreements on the majority of the properties. Robert M. La Forgia, SVP and CFO for Hilton, says the planned sales of the eight properties and the 11 deals that have closed have enabled the company to take advantage of favorable market conditions for selling hotels.

The 13 hotels that were sold from May through July were the 230-suite Hilton Suites in Anaheim, the 226-suite Hilton Suites in Phoenix, the 216-suite Embassy Suites in Cleveland, the 353-room Doubletree Hotel in Bellevue, WA; the 500-room Hilton Alexandria in Virginia, the 407-room Hilton Charlotte in North Carolina, the 351-room Hilton Glendale in California, the 203-suite Hilton Suites in Brentwood, TN; the 405-room Hilton in East Brunswick, NJ; two Homewood Suites by Hilton hotels, a 137-room property in Ft. Worth, TX and a 121-room property in Nashville, TN.

All of the properties that were sold are remaining in the Hilton system either through long-term franchise or management agreements. La Forgia noted that the sale of the Palmer House Hilton in Chicago is expected to be completed in the third quarter 2005 with Hilton continuing to manage the hotel.