LAS VEGAS— The Las Vegas Hilton is being sold for approximately $280 million as an affiliate of Colony Capital has entered into an agreement to buy the property from Park Place Entertainment Corporation. Under the terms of the agreement, the Los Angeles-based international private investment firm purchased all the assets of the Las Vegas Hilton Hotel and Casino, and will assume certain related current liabilities. Colony expects to enter into an agreement with Hilton Hotels Corporation pursuant to which the hotel will continue to use the Hilton brand. The transaction is expected to close by the end of the second quarter of 2004.
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