Hilton To Sell 10 European Hotels
Continuing its efforts to cut back on owned assets and focus on managed and franchised properties, Hilton Hotels Corp. is selling up to 10 European hotels to a fund managed by Morgan Stanley Real Estate for approximately $770 million, the company said in a statement.
Hilton also announced today it completed the sale of the 132-hotel Scandic chain to EQT, a Swedish buyout firm, for approximately $1.1 billion. CPN reported March 2 that the deal was expected to realize net proceeds of approximately $1.04 billion from the sale, which would be used to reduce debt. Read more