Hilton Hotels Corporation has said that it has completed the sale of eight European hotels to a fund managed by Morgan Stanley Real Estate. They constitute part of a packet of ten hotels that Hilton agreed to sell to Morgan Stanley earlier this year. The sale of the last two hotels included in the transaction - Hilton Brussels and Hilton Zurich - is expected to be completed by the end of the third quarter of 2007.
Hilton Hotels Corporation has said that it has completed the sale of eight European hotels to a fund managed by Morgan Stanley Real Estate. They constitute part of a packet of ten hotels that Hilton agreed to sell to Morgan Stanley earlier this year. The sale of the last two hotels included in the transaction - Hilton Brussels and Hilton Zurich - is expected to be completed by the end of the third quarter of 2007.
Gross proceeds from the sale of all 10 properties are expected to be about EUR 566 mln. The eight properties for which the sale has now been completed are Hilton Dresden, Hilton Dusseldorf, Hilton Weimar, Hilton Charles de Gaulle, Hilton Strasbourg, Hilton Luxembourg, Hilton Barcelona and the Los Zocos Club Resort in the Canary Islands.
With the sale of these hotels to Morgan Stanley, the American hotel group has sold over $ 3 bn (EUR 2.2 bn) of assets acquired in the acquisition of Hilton International in February 2006. Funds from the sale will be used to pay down its debt.
