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Affiliate of Haberhill LLC. Acquires the 220-suite Embassy Suites
Hotel in Memphis, Tennessee from Hilton Hotels


BEVERLY HILLS, Calif. - Hilton Hotels Corporation (NYSE:HLT) announced today that it has sold the 220-suite Embassy Suites Hotel in Memphis, Tennessee to 1022 Shady Grove LLC, an affiliate of Haberhill LLC. The purchase price was not disclosed and it is estimated that the new ownership group will spend $3.5 million in additional capital to upgrade the property over and above the approximately $2 million that Hilton Hotels Corporation has spent within the past year. The hotel will continue to be operated as an Embassy Suites Hotel by Hilton Hotels Corporation under the terms of long term franchise and management agreements. 

Additionally, the popular restaurant Frank Grisanti’s will remain an important part of the property as the new owners have extended its lease through 2014, with an additional 5 year extension option. 
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Embassy Suites Memphis
1022 S. Shady Grove Road, Memphis, Tennessee
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In a separate transaction, Hilton also announced that the 140-suite Homewood Suites by Hilton hotel on Poplar Avenue in Memphis has been sold to Apple REIT Companies for $11.1 million. The property will also be operated as a Homewood Suites by Hilton hotel by Hilton Hotels Corporation under the terms of long term franchise and management agreements. The transaction was completed May 15, 2007. 

Haberhill LLC is a hotel investment and advisory firm that has ownership interests in numerous full service hotels including properties in Minneapolis, Washington, D.C. and Hawaii. Since its founding in 2000, Haberhill, with its founder Douglas Greene, has advised and invested in hotel transactions with an aggregate value of over $1 billion. For more information on Haberhill, please visit their website at www.haberhill.com

Hilton Hotels Corporation (NYSE:HLT) is the leading global hospitality company, with more than 2,800 hotels and 480,000 rooms in 76 countries and territories, including 100,000 team members worldwide. The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hilton®, Conrad® Hotels & Resorts, Doubletree®, Embassy Suites Hotels®, Hampton Inn®, Hampton Inn & Suites®, Hilton Garden Inn®, Hilton Grand Vacations™, Homewood Suites by Hilton® and The Waldorf=Astoria Collection®. 

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Contact:

 Hilton Hotels Corporation
Kathy Shepard, 310-205-7676
http://www.hiltonworldwide.com 

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Also See: The $40-million, 203-room Westin Memphis Beale Street First Upper-upscale Hotel to be Built in the Memphis Metro Area in More than 20 years / April 2007
Davidson Hotel Company/RockBridge Partners Joint Venture Acquires Hilton Memphis; Davidson to Continue Operating Hotel / May 2007
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