Westmont Hospitality Group for Approximately CAD $243 million
BEVERLY HILLS, Calif. - Sept. 20, 2006 -- Hilton Hotels Corporation (NYSE:HLT) announced today that it has sold five hotel properties located throughout Canada to Westmont Hospitality Group for approximately CAD $243 million. Three of the hotels were sold to Northstar Hospitality Limited Partnership, a private Canadian limited partnership owned by Westmont Hospitality Group, Cadim, a division of Caisse de depot et placement du Quebec, and Regime de Rentes du Mouvement Desjardins. The remaining two assets were acquired by InnVest Real Estate Investment Trust, a publicly-traded REIT that holds Canada's largest hotel portfolio comprising 137 hotel properties with 15,661 guestrooms operated under internationally-recognized franchise brands. Hilton will continue to manage all five properties under the terms of multi-year management agreements.
The five hotels included in this portfolio are:
"We are delighted Westmont Hospitality has increased their ownership presence with the Hilton Family and look forward to continuing to work closely with them on these properties and on future opportunities to grow our brands," said Robert M. La Forgia, executive vice president and chief financial officer, Hilton Hotels Corporation. "This transaction represents the first traunch of hotel asset sales outside the U.S. and is in line with Hilton's strategy to sell properties while maintaining long-term contracts," La Forgia added.
Hilton Hotels Corporation (NYSE:HLT) is the leading global hospitality company, with over 2,800 hotels and 485,000 rooms in more than 80 countries, including 150,000 team members worldwide. The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands including Hilton(R), Conrad(R), Coral by Hilton(R) Doubletree(R), Embassy Suites Hotels(R), Hampton Inn(R), Hampton Inn & Suites(R), Hilton Garden Inn(R), Hilton Grand Vacations(TM), Homewood Suites by Hilton(R), Scandic and the Waldorf=Astoria Collection(TM).
Hilton Hotels Corporation
|Also See:||Westmont Hospitality Group Opens the Hilton Suites Winnipeg Airport; Completes $4 million Renovation of the Former Radisson Suites / February 2005|
|Westmont Hospitality Group Acquires the 504-room Pan Pacific Vancouver from Tokyu Canada Corporation / June 2002|