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Integrated Capital LLC Acquires Doubletree Hotels in
Modesto and Bakersfield for a Combined Cost
of Approximately $40 million
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BEVERLY HILLS, Calif. - -July 22, 2004 -- Integrated Capital, LLC announced today that it has acquired the Doubletree Hotel Modesto and the Doubletree Hotel Bakersfield from Hilton Hotels Corporation (NYSE:HLT) for a combined total purchase price of approximately $40 million. Both properties will continue to be operated and managed by Hilton Hotels Corporation.
 
"This acquisition was first and foremost about an outstanding value proposition which more than met the objectives of our investment group. Investing in high quality hotels such as these Doubletree properties is consistent with our intent to be associated with a leading brand within industries we select for our investment. In addition, we are pleased that this acquisition reinforces the notion that hotel ownership represents a strong investment option for minority entrepreneurs. This is particularly true with a well-recognized company like Hilton Hotels Corporation, which has a long history of managing and franchising successful hotels," said Kenneth Fearn, managing partner, Integrated Capital LLC.

Located in the heart of Central California, both the Doubletree Hotel Modesto and Doubletree Hotel Bakersfield will soon undergo multi-million dollar property-wide renovations including a complete rooms remodel replacing all case goods, soft goods, art, updating bathrooms, and providing high-speed internet access to each guestroom. In addition to the rooms, the renovations will also be updating the guestroom corridors with new carpet, wall vinyl, and light sconces. Kenneth Fearn 


Doubletree Hotel Bakersfield
3100 Camino Del Rio Court
Bakersfield, CA 93308
-

 Doubletree Hotel Modesto
1150 Ninth Street
Modesto, CA 95354
stated, "Upon completion these will be completely new guestrooms, which will provide guests with maximum comfort. We are excited about the immediate impact our renovation will have on both of these fine hotels."

"Hilton has made it a priority to expand minority ownership in our Family of Hotels and we are proud of the relationship we have developed with our associates at Integrated Capital," said Robert La Forgia, senior vice president and chief financial officer for Hilton Hotels Corporation. "We are excited that we will continue managing these two fine hotels and look forward to working with the new owners as they begin the planned improvements."

The Doubletree Hotel Modesto is a modern high rise facility located in the renovated downtown area two blocks from Highway 99. The property has 258 spacious guestrooms, five suites, The Garden Terrace Cafe, Lobby Lounge, Club Max Night Club, a business center, and 32,000 square feet of event space which can accommodate up to 1,600 guests. The Hotel/Conference Center facility is the largest within a 50 mile radius of Modesto.

With 262 oversized guestrooms, including 14 suites, The Doubletree Hotel Bakersfield is the largest hotel in Bakersfield and is conveniently located near the major corporate, government and recreation destinations in the area. The hotel also features two restaurants, a nightclub, 24-hour shuttle service to the airport and over 12,000 square feet of event space for up to 1,000 guests.

About Integrated Capital, LLC

Integrated Capital, LLC is a real estate private equity group with a focus on hospitality. The principals of Integrated Capital have more than a decade of hospitality experience and have been directly involved in more than $1 billion of hospitality acquisition activity. The company is focused on acquisition, development, and operations of hotel assets.

About Hilton Hotels Corporation

Hilton Hotels Corporation is recognized internationally as a preeminent hospitality company. The company develops, owns, manages or franchises approximately 2,100 hotels, resorts and vacation ownership properties. Its portfolio includes many of the world's best known and most highly regarded hotel brands, including Hilton®, Conrad®, Doubletree®, Embassy Suites Hotels®, Hampton Inn®, Hampton Inn & Suites®, Hilton Garden Inn®, Hilton Grand Vacations Club® and Homewood Suites by Hilton®.


 
Contact:
Hilton Hotels Corporation
Kathy Shepard, 310-205-7676
or
Integrated Capital LLC
Kenneth Fearn, 310-441-8801
www.doubletree.com

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Also See: Orsini Bros. Inns, Inc. Opens First Canadian Doubletree Resort - the 224 room Doubletree Resort Lodge & Spa Fallsview - Niagara Falls / June 2004
MeriStar Reflags its 742-room Radisson Hotel at Universal Studios Theme Park in Orlando, Florida to the Doubletree Brand / April 2004
Buffalo’s Pillars Hotel Re-flagged as a Doubletree Club Hotel Following $500,000 in Renovations / February 2004


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