Hilton Hotels Corporation Sells Three Hotels to the RLJ Urban Lodging Fund, LP
BEVERLY HILLS, CA, June 14, 2005. Hilton Hotels Corporation announced today that it has sold two Hilton Suites and one Embassy Suites Hotel to Bethesda, Maryland-based RLJ Urban Lodging Fund, LP, an affiliate of RLJ Development, LLC, for $72 million in cash.
The three properties are the 226-suite Hilton Suites Phoenix in Arizona, the 230-suite Hilton Suites Anaheim in California and the 216-suite Embassy Suites Cleveland East Beachwood. All three properties will retain their current branding under long- term franchise agreements. In addition, Hilton will continue to manage the Hilton Suites Phoenix.
"We are pleased to be able to sell these assets at attractive prices while continuing to have them remain part of the Hilton Family. We value our relationship with RLJ Development and their affiliates, who now own 12 hotel properties within the Hilton Family," said Robert M. LaForgia, senior vice president and chief financial officer for Hilton Hotels Corporation.
Thomas J. Baltimore, Jr., president of RLJ Development, added "We are delighted to add these high-quality, Hilton-Branded assets in desirable markets to the RLJ Urban Lodging Fund, LP, which now stands at seven hotels. These three hotels were purchased at a significant discount to replacement cost."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
