Under terms of the 50-year deal, which is retroactive to1996,Beverly Hills-based Hilton will pay the city a minimum of $1.1million annually forthe property. The original lease wasn't set toexpire until 2019, butthe new lease provides the hotel companycertainty that it will havecontrol of the property for the nextseveral decades.
The new lease has actually been in the works since 1994, whenthe city agreed to negotiate an extension of the old pact as partof Hilton's plan to launch a $25-million renovation. Therenovationwas finished five years ago, officials at Hilton say.
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