Hilton Sells Caledonian, Edinburgh
LONDON, UK / BEVERLY HILLS, CA, August 10, 2007. Hilton Hotels Corporation (NYSE:HLT) today announced the recent completion of the sale of the Caledonian Hilton hotel to The Caledonian Operating Company Ltd UK for the cash sum of GBP 51.7 million (approximately $105.4 million). The purchase was funded by Bank of Scotland Corporate.
Hilton will retain a long-term management contract for the 251-room hotel. This contract will ensure the continuation of the Hilton brand in this historic landmark hotel, superbly located in the heart of Scotland's capital city. The Caledonian Operating Company Ltd UK has agreed to an investment programme of GBP 13.5 million to maintain the high standard of amenity and service in the grade II listed building which originally opened in 1903.
Hilton was advised by C B Richard Ellis Hotels.
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