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Properties in Las Vegas and Orlando; All Maintenance Capital Spending Continues |
BEVERLY HILLS, Calif. - Sept. 24, 2001-- As
part of its ongoing commitment to "managing for recovery,'' Hilton Hotels
Corp. (NYSE:HLT) today described its capital expenditure plans for 2002.
The company's maintenance capital spending at its owned hotels will
proceed as planned. Maintenance capital expenditures, required to keep
hotels in optimal physical condition, plus technology spending will total
approximately $170 million in 2002.
Specific return-on-investment projects that are under way also will be completed, including:
"Since we are running our company with an expectation that business will return to 1998-99 levels after a difficult period of 8-12 weeks, it is important that we continue to maintain our hotels in the best condition for our guests and customers, and complete significant projects that are already well under way,'' said Stephen F. Bollenbach, president and chief executive officer of Hilton Hotels Corp. The company has decided to postpone two previously announced vacation-ownership properties in Las Vegas, Nev., and Orlando, Fla., for approximately six months, and will re-evaluate these projects at that time. "While we believe that it is prudent at this time to postpone these two projects for a short time, we are hopeful that business conditions in the U.S. will improve, and that it will make sense to continue development of these projects,'' Bollenbach said.
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Hilton Hotels Corp., Beverly
Hills
Marc Grossman, 310/205-4030 http://www.hilton.com |
Also See | Hilton Grand Vacations Company Moves Ahead with Two Major Ground-Breakings in Las Vegas and Orlando / June 2001 |
AAHOA Provides $25,001 For India Earthquake Relief / Jan 2001 |