HILLS, Calif. - March 22, 2006 -- Hilton Hotels Corporation (NYSE:HLT)
announced today that it has sold the 821-room Hilton Minneapolis to 1001
Marquette, L.L.C., a Delaware limited liability, for approximately $92
million. It is estimated that the new ownership will spend $15 million
in additional capital over the next three years to upgrade the property.
The hotel will continue to be managed by Hilton Hotels Corporation and
operate as a Hilton branded property under the terms of a long term management
"We are pleased to be able to sell this hotel to 1001 Marquette while
retaining it in the Hilton Family under a management agreement," said Dave
Sherf, senior vice president - Real Estate/Asset Management, Hilton Hotels
About Hilton Hotels Corporation
Hilton Hotels Corporation (NYSE:HLT) is the leading global hospitality
company, with nearly 2,700 hotels and 475,000 rooms in more than 80 countries,
with 150,000 team members worldwide.