Stanford Hotels Acquires Hilton Charlotte
NEW YORK, NY, July 1, 2005. Hilton Hotels Corporation announced today that San Francisco-based Stanford Hotels Corporation has purchased the Hilton Charlotte in North Carolina for $56 million. Stanford officials said they plan to continue operations under the Hilton brand and retain the current team members. In addition, Stanford said it plans to invest $6-$8 million in renovations.
"We are pleased to have completed this transaction with Stanford Hotels. Hilton has enjoyed a long and productive business relationship with Lawrence Lui and his outstanding management team at Stanford Hotels and we are pleased that the company now owns six hotels operating within the Hilton Family of Hotels," said Robert M. La Forgia, senior vice president and chief financial officer, Hilton Hotels Corporation.
"Stanford is buying a great hotel, with great team members, in a great community," said Clyde Guinn, Stanford senior vice president of operations and a former Charlotte resident. "The hotel has done well in a challenging economic environment and now, improvement is the great opportunity."
Guinn said Stanford's plans for property improvement will span the next two years, and will include renovations of guest rooms as well as the restaurant and lounge. He added that the immediate focus for Hilton and Stanford is to ensure a seamless transition for customers and team members.
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