BEVERLY HILLS, CA Hilton Hotels Corp. has announced the closing of a $500 million mortgage loan provided by Morgan Stanley Dean Witter.
The loan term is 10 years and will bear interest at 7.95% per annum. The non-recourse loan is secured by first mortgage interests in five Hilton properties: the 1,896-room Hilton San Francisco; 1,544-room Hilton Chicago; 654-room Pointe Hilton Squaw Peak Resort, Phoenix; 458-room Hilton McLean, VA, and 304-room Hilton Short Hills, NJ. The loan proceeds will be used to pay down Hiltons floating rate debt. (9/28/00)