BEVERLY HILLS, CA— Hilton Hotels Corp. has sold two Homewood Suites by Hilton for $22 million. The deal represents a cap rate of less than 10% on anticipated 2001 results. Apple Suites Realty Income Trust, a privately held REIT based in Richmond, VA, purchased the properties. As a part of the transaction, Hilton will retain franchise agreements and will manage the extended-stay hotels, which include a 145-unit property located in Chesterfield, MO and a 123-unit hotel in Portland, OR. Hilton also said it will manage 15 Homewood Suites for Apple Suites. Proceeds from the sale will reportedly be used for general corporate purposes including debt reduction.
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