|BEVERLY HILLS, Calif - Feb. 18, 1999--Hilton Hotels Corp.
Thursday announced that it has purchased the 495-room Radisson Plaza Hotel
at Mark Center in Alexandria, Va., from the Radisson Mark Plaza Joint Venture
for $51.5 million.
Renamed the Hilton Alexandria Mark Center, the hotel is ideally situated within sight of the Nation's Capitol and just 10 minutes from Washington's National Airport, the Pentagon, Pentagon City, Tyson's Corner and numerous other vibrant commercial markets. Additionally, the Central Business District of Washington, D.C., is less than 10 miles north and is easily accessible via Interstate 395.
The property's close proximity to many of Northern Virginia's key economic centers, historic Old Town Alexandria and adjacent location to a 43-acre wooded botanical preserve, along with its nearly 27,000 square feet of meeting space, make it as one of the areas leading business hotels.
Opened in 1985, Hilton Alexandria Mark Center has 495 rooms in two buildings, the 30-floor Main Tower and the adjacent five-floor Executive Retreat, a self-contained meeting environment with guest rooms and six fully equipped meeting rooms. Each guest room contains a work desk and two telephones (equipped with voice mail and dataports). The business-class rooms also offer guests use of a fax, copier and laser printer, as well as access to a private library and lounge.
Additional guest amenities include a full service-business center, gift shop, barber shop, three restaurants and a lounge, 24-hour room service, an indoor/outdoor lap pool, health club, four indoor racquetball courts, lighted outdoor tennis courts and access to the trails which wind through the adjacent 43-acre Winkler Botanical Preserve.
"This property represents another outstanding acquisition for Hilton. The purchase price represents a discount to replacement cost and will yield strong cash on cash returns," said Matthew J. Hart, executive vice president and chief financial officer, Hilton Hotels Corp.
Randy Kell, CEO of the Mark Winkler Co., the owner and developer of Mark Center, noted: "we are extremely pleased to welcome Hilton Hotels to Mark Center and to Alexandria. Hilton represents the kind of high quality ownership and management that Northern Virginia has come to expect from this premiere hotel and meeting and conference facility. This is great news for us and for the other companies and individuals who occupy the 1.5 million square feet of commercial offices and the 5,500 apartments in Mark Center, and for Alexandria and Northern Virginia, in general."
Hilton Hotels Corp. is recognized internationally as a preeminent hospitality company. The company develops, owns, manages or franchises hotels, resorts and vacation ownership properties.
|Also See:||Hilton Hotels Corp. and Gosnell Builders Announce the Acquisition of the Pointe Hilton Tapatio / Aug 1998|
|Sheraton Grande Torrey Pines Sold for $82.5 Million to Hilton Hotels Corp. / Dec 1998|