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.

Article Tools

Latest News

More Latest News

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.


Acceptable Use Policy
blog comments powered by Disqus

Photo Galleries

New York's Star Deals

http://nreionline.com/images/nyc_big_deals_homepage_thumb.jpgThe city that never sleeps is also the city that never stops growing, not even in the midst of recession. And deals, both bold and unprecedented, continue to be done. Check out image of New York's big deals.

Hudson Yards Development

http://nreionline.com/photo_gallery/hudson_yardsCheck out images for Coach's new global headquarters, which will anchor the initial tower of the Eastern Rail Yards site within the 26-acre mixed-

Videos

JLL at ICSC 2012

http://nreionline.com/video/bjorson_thumbnail.jpgCheck out these videos from JLL at ICSC 2012 in Las Vegas...

 

Click here to view more videos.


Blogs


http://nreionline.com/blog/schein_blog_headshot.jpg

Real Vox

Traffic Court

The Full Nelson

Events

Strategic Real Estate Investment Conference

Date: Thursday, June 7, 2012
Time: 7:45AM-6:00PM
Place: 1290 Avenue of the America, 5th Floor
What: A full-day event exploring portfolio diversification through opportunistic and alternative investments....

Click here to view more events...

http://nreionline.com/nrei-300x125-house-091211-resourcebook-jpg.jpg

This Week's Most Popular

Current Issue

http://nreionline.com/april2012_cover.jpg

NREI Newsletters



Retail Traffic Newsletters

View NREI Newsletters

NREI Newsline
NREI Seniors Housing Finance and Development
NREI The Green Sheet
NREI Institutional Outlook
NREI Distressed Real Estate Strategies
NREI Daily/Central
NREI Daily/New York
NREI Daily/New Jersey
NREI Weekender
NREI Global Real Estate Monitor
REIT Insider
Retail Traffic Online
The Site Optimizer

Join the Conversation