Hilton To Become REIT,Two Other Companies

Hilton Hotels has decided to split into three publicly traded companies.The hospitality industry titan will divide itself into:
1.A real estate investment trust;
2.A hotel management firm;and
3.A time share company,Hilton Grand Vacations.
Hilton actually owns only a small selection of its 4600 branded hotels.With this plan,it wants to lower taxes and increase shareholder value.
About seven years ago,the company moved from Beverly Hills,California to Maclean,Virginia near Washington,DC.*
Hilton Hotels (H)

Hotel Chain Relocates

A holding of private equity firm The Blackstone Group,L.P.,Hilton Hotels,is moving its headquarters from pricey Beverly Hills,California,to Washington,D.C. suburb Tysons Corner,Virginia.Hilton has signed a lease for 100,000 square feet of a 300,000 square foot office building called Park Place II.The property is owned by B.F.Saul and is 17% leased.The move from Beverly Hills was announced in January,and should be accomplished by autumn 2009.Stephen Schwarzman is Blackstone co-founder and CEO.