Hilton Forms Venture With CNL Hospitality
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Hilton Hotels Corp. and a Florida company formed a partnership to jointly own four lodging properties, including the 484-room Hilton in Costa Mesa.
Beverly Hills-based Hilton transferred ownership of the Hilton Costa Mesa, the Embassy Suites in Portland, Ore., and the Hilton Suites in Auburn Hills, Mich., to a joint venture with CNL Hospitality Corp. of Orlando. In addition, the joint venture has purchased the 500-room Hilton Miami Airport from Strategic Hotel Partners.
The venture will invest about $235 million in the four hotels, which will be managed by Hilton.
CNL, which owns all or part of 49 hotels nationwide, will be the majority owner of the joint venture, and Hilton will maintain a minority interest.
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