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