HILTON TO ACQUIRE STAKES IN 4 HOTELS FROM PRUDENTIAL.Byline: Bloomberg Business News Hilton Hotels
Hilton currently owns 50 percent of the hotels in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Washington. They are the New York Hilton & Towers - Manhattan's largest hotel - the Rye Town Hilton, the Washington Hilton & Towers and the Capital Hilton. Prudential said the hotel stakes are owned by its $1.9 billion-asset PRISA PRISA Public Radio Internet Service Alliance PRISA Prudential Property Investment Separate Account fund, a real estate portfolio that the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company manages on behalf of 80 pension funds. The sale will leave the fund with stakes of less than 2 percent in each of the properties. For Hilton, the purchase helps it consolidate ownership of its so-called trophy hotels, which include New York's Waldorf-Astoria and Chicago's Palmer House This article is about the hotel in Chicago. For the Sauk Centre hotel, see The Palmer House (Sauk Centre). For Potter Palmer's mansion, see Palmer Mansion The Palmer House Hilton is a famous and historic hotel in downtown Chicago. . The 10 trophies account for about 60 percent of Hilton's hotel profits. The hotels are expected to be even more profitable. Demand for upscale hotel rooms is outpacing the supply, permitting hoteliers to raise room prices. Hilton raised its prices 14 percent in July, analysts said. Monday's agreement marks the second time in two months that Beverly Hills-based Hilton purchased hotel stakes from Prudential, the nation's largest life insurer. Last month, Hilton agreed to buy the majority of Prudential's 67 percent ownership in the Chicago Hilton & Towers and its 50 percent stake in the San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden Hilton & Towers for $163 million. Prudential also agreed to acquire Hilton's 10 percent stake in the Miami Airport Hilton for an undisclosed amount. The companies said their boards have approved both transactions and expect to complete them by the end of the year. Hilton shares rose 3/8 to close at 108. Newark, N.J.-based Prudential, which is mutually owned by its policy holders, said it plans to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. the proceeds from the sale back into real estate. The sale doesn't reflect recent efforts to reduce its real estate holdings in its $5.7 billion general account fund, Prudential said. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion