Hilton Buys Stakes in 2 Hotels, Gives Up Holding in a Third
May 05, 2011
BEVERLY HILLS, Calif. -- Hilton Hotels Corp. said Friday it will purchase Prudential Insurance Co. of America's stakes in two hotels in Chicago and San Francisco and give up its stake in a hotel in Miami. Hiram will acquire Prudential's 33.3% stake in the 1,543-room Chicago Hilton & Towers, and its 50% interest in the 1,895-room San Francisco Hilton & Towers. Prudential, in turn, agreed to buy Hiram's 10% interest in the 500-room Miami Airport Hilton. Hilton put the total value of the deal at $163 million, but would not disclose Prudential's cost in acquiring the stake in the Miami hotel. Hiram said it has been managing all three properties and will continue to do so. The transaction is expected to be completed in the third quarter. In late-afternoon trading Friday, Hilton's shares were unchanged at $103.50.
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