Hilton Announces Sale of Embassy Suites Hotel and Homewood Suites by Hilton in Memphis
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Hilton Hotels Corporation (NYSE:HLT) announced today that it has sold the 220-suite Embassy Suites Hotel in Memphis, Tennessee to 1022 Shady Grove LLC, an affiliate of Haberhill LLC. The purchase price was not disclosed and it is estimated that the new ownership group will spend $3.5 million in additional capital to upgrade the property over and above the approximately $2 million that Hilton Hotels Corporation has spent within the past year. The hotel will continue to be operated as an Embassy Suites Hotel by Hilton Hotels Corporation under the terms of long term franchise and management agreements.
Additionally, the popular restaurant Frank Grisanti's will remain an important part of the property as the new owners have extended its lease through 2014, with an additional 5 year extension option.
In a separate transaction, Hilton also announced that the 140-suite Homewood Suites by Hilton hotel on Poplar Avenue in Memphis has been sold to Apple REIT Companies for $11.1 million. The property will also be operated as a Homewood Suites by Hilton hotel by Hilton Hotels Corporation under the terms of long term franchise and management agreements. The transaction was completed May 15, 2007.
Haberhill LLC is a hotel investment and advisory firm that has ownership interests in numerous full service hotels including properties in Minneapolis, Washington, D.C. and Hawaii. Since its founding in 2000, Haberhill, with its founder Douglas Greene, has advised and invested in hotel transactions with an aggregate value of over $1 billion. For more information on Haberhill, please visit their website at www.haberhill.com.
Hilton Hotels Corporation (NYSE:HLT) is the leading global hospitality company, with more than 2,800 hotels and 480,000 rooms in 76 countries and territories, including 100,000 team members worldwide.
The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hilton®, Conrad® Hotels & Resorts, Doubletree®, Embassy Suites Hotels®, Hampton Inn®, Hampton Inn & Suites®, Hilton Garden Inn®, Hilton Grand Vacations™, Homewood Suites by Hilton® and The Waldorf=Astoria Collection®.
The Hilton Family of Hotels adheres to founder Conrad Hilton's philosophy that, "It has been, and continues to be, our responsibility to fill the earth with the light and warmth of hospitality." The company put a name to its unique brand of service that has made it the best known and most highly regarded hotel company: be hospitable®. The philosophy is shared by all brands in the Hilton Family of Hotels, and is the inspiration for its overarching message of kindness and generosity.
Hilton Hotels Corporation's sponsorship of the U.S. Olympic Team will extend through the 2008 Olympic and Paralympic Games in Beijing, China, and includes the 2008 U.S. Paralympic Team(s) and the 2007 U.S. Pan-Am Team.
For more information about our company, please visit www.hiltonworldwide.com, and to learn more about our be hospitable philosophy, please visit www.behospitable.com.
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