Hilton Hotels/Promus Hotel Corp. Beverly Hills, Calif.-based Hilton Hotels Corp. completed its acquisition of Promus Hotel Corp. in November 1999. Memphis, Tenn.-based Promus brought five brands it owned, managed or franchised under the Hilton umbrella: Embassy Suites, Red Lion, Doubletree, Homewood Suites and Hampton Inns. The five brands encompass more than 200,000 rooms.

The deal's plusses for Hilton include:

* ensuring a strong presence in every major product segment;

* diversifying its earnings by increasing its percentage of fee income from 13% to 30%; and

* expanding its business by acquiring important hotel assets, enabling it to grow its franchise management and timeshare business.

The new Hilton Hotels Corp. boasts 1,800 hotels, comprising 300,000 rooms and is a competitive leader in the worldwide lodging industry.

Matthew J. Hart, CEO, accepted the award on behalf of Hilton Hotels Corp.