Hilton Hotels Corp. (NYSE:HLT) today announced that it has sold the 319-room Red Lion Houston Galleria, in Houston, for $20 million to Westheimer Hotel L.P. Amerimar Enterprises Inc. will manage the property.
Hilton has entered into a short-term franchise agreement until the new owners close the hotel for renovations. Hilton plans to use proceeds from the sale for general corporate purposes, including debt reduction.
“This transaction is in keeping with our focus on owning strategic hotels in major markets with high barriers to entry, while growing our income stream from franchising and management contracts,” said Matthew J. Hart, executive vice president and chief financial officer for Hilton.
Hilton Hotels Corp. is recognized internationally as a preeminent hospitality company. The company develops, owns, manages or franchises approximately 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 Co.(R), Homewood Suites(R) by Hilton, and Red Lion Hotels & Inns(R).