Hilton sells Tapatio Cliffs resort

Hilton Hotels Corporation has sold the 585-suite Pointe Hilton Tapatio Cliffs Resort in Phoenix, Arizona to an affiliate of Highland Hospitality Corporation for approximately $85 million.The hotel will continue to be managed by Hilton Hotels Corporation and operate as a Hilton branded property under the terms of a 20-year management agreement.
“We are pleased with the terms of this deal, which allows us to sell the resort at an attractive price, while having it remain a Hilton through a management agreement,” said Dave Sherf, senior vice president, Real Estate/Asset Management, Hilton Hotels Corporation. “We value our continued relationship with Highland Hospitality and are pleased to have them as an owner.”