Hilton Sells The Drake in Chicago
BEVERLY HILLS, CA, September 12, 2006. Hilton Hotels Corporation (NYSE:HLT) announced that it has sold the leasehold on the 535-room The Drake Hotel in Chicago, Illinois to WWL DHotel Investors, L.L.C., a partnership led by Chicago-based Lodging Capital Partners, LLC for an undisclosed amount. Hilton will continue to manage the property under the terms of a multi-year management agreement.
"We are pleased with the terms of this deal, which allows us to sell our leasehold interest while retaining this historic hotel as a managed property in the Hilton Family of Hotels," said Robert M. La Forgia, executive vice president and chief financial officer, Hilton Hotels Corporation.
"We are delighted to add this Chicago icon to our portfolio of luxury hotels and resorts and further enhance our growing relationship with Hilton," said Steve Kisielica, principal of Lodging Capital Partners.
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