Hilton Hotels Corporation
announced today that it has sold two Hilton Suites and one Embassy Suites Hotel to Bethesda, Maryland-basedÊ RLJ Urban Lodging Fund, LP, an affiliate of RLJ Development, LLC, for $72 million in cash.
The three properties are the 226-suite Hilton Suites Phoenix in Arizona, the 230-suite Hilton Suites Anaheim in California and the 216-suite Embassy Suites Cleveland East Beachwood.Ê All three properties will retain their current branding under long- term franchise agreements.Ê In addition, Hilton will continue to manage the Hilton Suites Phoenix.
“We are pleased to be able to sell these assets at attractive prices while continuing to have them remain part of the Hilton Family. We value our relationship with RLJ Development and their affiliates, who now own 12 hotel properties within the Hilton Family,” said Robert M. LaForgia, senior vice president and chief financial officer for Hilton Hotels Corporation.
Thomas J. Baltimore, Jr., president of RLJ Development, added “We are delighted to add these high-quality, Hilton-Branded assets in desirable markets to the RLJ Urban Lodging Fund, LP, which now stands at seven hotels.Ê These three hotels were purchased at a significant discount to replacement cost.”