Hilton announced that as part of its previously announced corporate headquarters relocation from Beverly Hills, California to the greater Washington, DC area, the company has chosen Fairfax County, Virginia as its new home.

Hilton is currently negotiating with prospective landlords in Fairfax County and will announce a site as soon as a lease is finalized.

The relocation, which will significantly reduce the company's operating expenses, is part of Hilton's ongoing business reorganization and follows a thorough review of Hilton's major corporate locations. Potential locations in the greater Washington, DC metropolitan area were evaluated against multiple criteria, including costs and suitability of available commercial space.

"We are pleased to announce that our global headquarters will be located in Fairfax County, Virginia, and are grateful to the Commonwealth and County for their efforts to create such compelling economic incentives for Hilton," said Christopher J. Nassetta, President and Chief Executive Officer of Hilton Hotels Corporation. "We are confident that being based in this location will allow us to be more effective and efficient as an organization, and will provide a high quality of life for our team members. We look forward to continuing Hilton's tradition of community engagement in our new location."

Nassetta added, "We would also like to thank the State of Maryland and the District of Columbia for their efforts during our selection process. Both Maryland and the District have many positive attributes and are desirable locations for the headquarters of global companies."

Hilton will invest at least $17 million in the move and create more than 300 permanent, full-time jobs in Fairfax County within the next 36 months. The comprehensive incentive program for the relocation to the Commonwealth of Virginia and Fairfax County totals $4.6 million in cash grants and other significant incentives. The company also qualifies for a Major Business Facility Job Tax Credit.