Hilton Announces Sale of 821-Room Hilton Minneapolis
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Hilton Announces Sale of 821-Room Hilton Minneapolis
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2006-03-24
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 agreement.
"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 Corporation.
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