Development of New Tower at Hilton Grand Vacations Club on the Las Vegas Strip Marked by ``Topping Out'' Ceremony in Las Vegas, Nevada.

LAS VEGAS -- A "topping out" ceremony was held today at the new 38 story tower at Hilton Grand Vacations Club on the Las Vegas Strip. Executives from Hilton Hotels Corporation and The Penta Building Group joined staff members and construction workers to celebrate the construction milestone. In recognition that 27,000 cubic yards of concrete have now been placed at the building, and the pinnacle of the structure has been reached, a ceremonial pine tree was lifted to the top of the building by crane.

Construction was launched in July, 2004 and is slated for completion in summer 2006. The 396-foot tower will feature 431 new studio suites and one-, two-, and three-bedroom accommodations, as well as upgraded penthouse villas. The first phase of HGVClub on the Las Vegas Strip opened in November, 2003 and includes 283 units in a 26 story tower. With completion of the second tower, 714 units of the planned four phase 1,577-unit project will be opened.

Hilton Grand Vacations Company, LLC (HGVC) has developed three vacation ownership resorts in the Las Vegas market throughout the past 12 years. According to Antoine Dagot, HGVC President and CEO, "The Hilton brand of timeshare is thriving, and Las Vegas is a destination in strong demand. Pre-opening sales of the second phase of HGVClub on the Las Vegas Strip began last summer, and continue to outpace our projections." Dagot also noted, "Our development process is a superb collaboration. We are in tune with our Club Member's preference for high quality villa accommodations and high-tech amenities. We bring our design vision to life with talented teams like The Penta Group ... and the results are spectacular resorts in ideal destinations."

The Hilton name has long been recognized as a leader in the Las Vegas timeshare market. Here, HGVC has developed and operates three timeshare resorts: Hilton Grand Vacations Club at the Flamingo, Hilton Grand Vacations Club at the Las Vegas Hilton, and Hilton Grand Vacations Club on the Las Vegas Strip. Each of the resorts features a distinctive setting, extensive amenities, and the signature Hilton style of extraordinary accommodations and distinctive guest service.

Hilton Grand Vacations Company, LLC is a division of Hilton Hotels Corporation (NYSE:HLT), recognized internationally as a preeminent hospitality company. Headquartered in Orlando, Florida, HGVC develops, markets and operates a system of high-quality vacation ownership resorts in select vacation destinations. The company also operates two innovative club membership programs, Hilton Grand Vacations Club(R) and The Hilton Club(R) providing exclusive exchange, leisure travel, and reservation services for more than 92,000 Club Members.