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Hilton Hotels Corp., the second-biggest U.S. hotel company by revenue, was selling 10 European hotels to generate cash as it focuses on managing brands.
The 10 hotels for sale comprise three in Germany, two in France, two in Spain and hotels in Belgium, Luxembourg and Switzerland, Los Angeles-based Hilton said in a statement received on Thursday.
Hilton said it was also considering the sale of the Scandic lodging group, which consists of 130 hotels, most of which are leased properties located primarily in Scandinavia.
The company acquired the European hotels and Scandic lodging group when it bought Hilton Group, a London company that operated Hilton hotels outside the United States, for 5.7 billion dollars in February. The purchase reunited the companies for the first time since 1966.
The hotel sales could be worth US$2 billion. The news prompted Hilton shares to fall 34 cents to 24.31 dollars.
Hilton has just completed the sale of a chain of health clubs, including the 24 LivingWell Premier fitness clubs in Britain which were sold to Bannatyne Fitness in the UK for US$171.4 million.
Hilton also has sold three Australian health clubs to Fitness First Australia for US$20.95 million.
(Xinhua News Agency August 11, 2006)
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