Hilton Completes Sale of Scandic Hotel Chain

Hilton Hotels has completed the sale of the 132 hotel Scandic chain to EQT for €833 million or approximately US$1.1 billion. Net proceeds after transaction costs and taxes are expected to be approximately $1.04 billion and will be used to pay down debt.

This transaction is expected to reduce the company’s 2007 recurring EPS by $.10 per share.

Hilton has than 2,800 hotels and 480,000 rooms in 76 countries and territories, including 100,000 team members worldwide.

The company owns, manages or franchises a hotel portfolio of some of the best known brands, including Hilton, Conrad, Doubletree, Embassy Suites Hotels, Hampton Inn, Hampton Inn & Suites, Hilton Garden Inn, Hilton Grand Vacations, Homewood Suites by Hilton and The Waldorf=Astoria Collection.

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