BEVERLY HILLS, CA Hilton Hotels Corp. has sold seven Homewood Suites by Hilton properties for approximately $95 million in cash. The company will use the proceeds from the sale for general corporate purposes, including debt reduction.
The properties were sold to RLJ Development LLC, a newly formed entity headed by Robert Johnson, chairman/CEO of BET Holdings II, and a director of Hilton Hotels Corp. Under the terms of the agreement, Hilton will retain long-term franchise and management contracts for each property. (12/22/00)