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Article: Hilton Signs Letter of Intent to Sell Red Lion Chain and Selected Doubletree Locations to WestCoast Hospitality.
- Article from:
- Business Wire
- Article date:
- October 18, 2001
CopyrightCOPYRIGHT 2001 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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Business Editors & Travel Writers
BEVERLY HILLS, Calif. & SPOKANE, Wash.--(BUSINESS WIRE)--Oct. 18, 2001
Hilton Hotels Corp. (NYSE:HLT) and WestCoast Hospitality Corp. (NYSE:WEH) today entered into a non-binding letter of intent whereby Hilton will sell to WestCoast Hospitality its Red Lion chain of hotels and five Doubletree hotels.
The companies are making this announcement because they will be disclosing the proposed transaction in connection with pursuing potential franchises.
The transaction, which is subject to negotiation of a definitive agreement and the successful completion of due diligence, is expected to close by year-end ...