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Article: Hilton Sells Two Homewood Suites by Hilton Hotels for $17.2 Million; Keeps Management Contracts.
- Article from:
- Business Wire
- Article date:
- May 24, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BEVERLY HILLS, Calif. -- Hilton Hotels Corporation (NYSE:HLT) announced today that the company has sold two Homewood Suites by Hilton properties to Apple REIT Six, Inc., for $17.2 million.
Hilton will retain long-term management agreements for both extended-stay properties, which are located in Fort Worth, Texas (137 rooms) and Nashville, Tennessee (121 rooms). Including this transaction, Hilton manages 23 Homewood Suites properties for Apple REIT Companies.
"We are pleased to have been able to sell these assets at an attractive price and to a franchisee that we hold in high regard," said Robert M. La Forgia, chief financial officer for Hilton Hotels ...