|
|
and University Hotel chain to Aramark for Approximately $55 million in Cash; |
and Ten Managed Properties BEVERLY HILLS, Calif. - May 28, 2002- Hilton Hotels Corporation (NYSE:HLT) announced today that it has agreed to sell its Harrison Conference Center and University Hotel chain to Aramark (NYSE:RMK) for approximately $55 million in cash. The transaction includes two owned, two leased and ten managed assets. The transaction is expected to be completed by the end of the second quarter 2002. Included in the transaction are 14 Harrison Conference Center facilities:
Hilton acquired Harrison Conference Centers as part of its November 1999 acquisition of Promus Hotel Corporation. Harrison Conference Centers is a distinct collection of dedicated conference centers and campus-based hotels. It enjoys a 30-year reputation of excellence in the meeting/conference industry. Hilton Hotels Corporation is recognized internationally as a preeminent hospitality company. |
###
Hilton Hotels Corporation Kathy Shepard, 310/205-7676 [email protected] www.hiltonworldwide.com |