Hilton has completed the sale of eight hotels in Europe, to a fund managed by Morgan Stanley Real Estate.
Completion of the sale of two further hotels (Hilton Brussels and Hilton Zurich) to the same purchaser is expected by the end of the third quarter 2007.
The gross proceeds from the sale of all 10 properties are expected to be approximately €566 million.
The eight European properties are:
- Hilton Dresden,
- Hilton Dusseldorf,
- Hilton Weimar,
- Hilton Charles de Gaulle,
- Hilton Strasbourg,
- Hilton Luxembourg,
- Hilton Barcelona and
- Los Zocos Club Resort in the Canary Islands
An agreement to sell the ten hotels was previously announced on April 26
th.
