BEVERLY HILLS, CA Hilton Hotels Corp. received $73 million from RFS Hotel Investors, which includes $60 million cash on the sale of leases and $13 million cash on the sale of 973,684 RFS Hotel preferred shares to RFS Hotel.
Under the agreement, Hilton will sell 52 operating leases and four management contracts on hotels owned by RFS Hotel; however, Hilton remains a franchisor on 20 RFS Hotel-owned properties. (1/4/01)
SOURCE: Dow Jones Newswires