Hilton to List 10 Hotels for Sale in Europe
Hilton to Explore Alternatives for Scandic Brand
BEVERLY HILLS, CA, August 9, 2006. Hilton Hotels Corporation (NYSE:HLT) said today that it is exploring strategic alternatives for the company's Scandic brand of hotels, including the possible sale of all or part of the business. The company acquired the Scandic brand as part of its recent acquisition of the lodging assets of Hilton Group plc. Citigroup Global Markets Limited has been retained to advise Hilton.
Scandic, a prominent and respected brand name located primarily in Sweden, Norway, Finland and Denmark, includes 130 hotels and approximately 23,000 rooms. Of the 130 hotels, 120 are leased properties, six are franchised, three are managed and Hilton owns one.
Separately, Hilton International (HI), a wholly owned subsidiary of Hilton Hotels Corporation, expects to list ten hotels for sale in Europe by the end of September. These properties are in Belgium, France, Germany, Luxembourg, Spain and Switzerland. Banc of America Securities Limited has been appointed to advise Hilton on this project.
Additionally, Hilton International is in various stages of evaluation and negotiation on a number of other potential sale transactions outside the United States.
Robert M. La Forgia, Chief Financial Officer for Hilton Hotels Corporation (HHC), commented: "Hilton's objective on asset sales is to support our stated strategy of generating a higher proportion of future earnings from managing and franchising hotels and less from hotel ownership. Any future sale of assets is a continuation of a process that began in early 2005. Since that time, HHC has sold over $1.3 billion in assets, and HI about $700 million."
The expected timing for completion of any evaluation or sale process cannot be confirmed at this early stage in the process. The company confirms that any intended sale would be subject to completion of all required approvals, including information and consultation proceedings with works councils, trade unions and employee representatives.
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 
