Hotel Partnership Buys Two Properties for $212 Million
A partnership between CNL Hospitality Properties Inc. and Hilton Hotels has bought two hotels — the 394-room Hilton La Jolla Torrey Pines outside of San Diego and the 544-room Capital Hilton in Washington, D.C. The purchase cost a total of $212 million.
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Hilton — which contributed both of the hotels to the partnership — will realize a book gain of roughly $61 million on the transaction. Hilton also will generate roughly $189 million in cash proceeds from the deal, and will use the sum to pay down debt.
"We are delighted to continue our relationship with CNL," says Matthew Hart, executive vice president and CFO of the Hilton Hotels Corp. Both hotels benefit from strong locations.
The Capital Hilton, for example, is located only two blocks from the White House, and boasts more than 33,000 sq. ft. of meeting space. The Hilton Torrey Pines is located along the Southern California coastline, and its golf course is scheduled to host the 2008 U.S Open.
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