BEVERLY HILLS, Calif.—(BUSINESS WIRE)—May 28, 2002—Hilton Hotels Corporation (NYSE:HLT) announced today that it has agreed to sell its Harrison Conference Center and University Hotel chain to Aramark (NYSE:RMK) for approximately $55 million in cash. The transaction includes two owned, two leased and ten managed assets. The transaction is expected to be completed by the end of the second quarter 2002.
Included in the transaction are 14 Harrison Conference Center facilities: Harrison Conference Center at Glen Cove, New York; Harrison Conference Center at Lake Bluff, Illinois; Inn at Harvard Square; Harvard Square Hotel; Bell Atlantic Learning Center and Center for Executive Education at Babson College, in Massachusetts; Roanoke Hotel and the Roanoke Conference Center in Virginia; Merrill Lynch Conference & Training Center in New Jersey; University Place Conference Center & Hotel in Indianapolis; Inn at the Colonnade in Maryland; R. David Thomas Center at Duke University; Carolina Inn and Paul J. Rizzo Center in North Carolina.
The transaction excludes five properties currently operated under Harrison Conference Centers: The Hilton DFW Lakes Hotel & Conference Center in Dallas; Inn at Penn in Philadelphia; University Park at MIT in Cambridge, Massachusetts; University of Florida Hotel & Conference Center in Gainesville and The Conference Center at Dodgertown in Florida. Hilton will continue to operate these five properties within the Hilton Family of Brands.
Hilton acquired Harrison Conference Centers as part of its November 1999 acquisition of Promus Hotel Corporation.
Harrison Conference Centers is a distinct collection of dedicated conference centers and campus-based hotels. It enjoys a 30-year reputation of excellence in the meeting/conference industry.
Hilton Hotels Corporation is recognized internationally as a preeminent hospitality company. The company develops, owns, manages or franchises more than 2,000 hotels, resorts and vacation ownership properties. Its portfolio includes many of the world`s best known and most highly regarded hotel brands, including Hilton(R), Conrad(TM), Doubletree(R), Embassy Suites Hotels(R), Hampton Inn(R), Hampton Inn & Suites(R), Harrison Conference Centers(R), Hilton Garden Inn(R), Hilton Grand Vacations Company(R) and Homewood Suites(R) by Hilton.