Hilton Hotels announces sale of Embassy Suites Hotel and Homewood Suites by Hilton in Memphis

Co announced that it has sold the 220-suite Embassy Suites Hotel in Memphis, Tennessee to 1022 Shady Grove LLC, an affiliate of Haberhill LLC. The purchase price was not disclosed and it is estimated that the new ownership group will spend $3.5 mln in additional capital to upgrade the property over and above the ~$2 mln that Hilton Hotels Corporation has spent within the past year. The hotel will continue to be operated as an Embassy Suites Hotel by Hilton Hotels Corporation under the terms of long term franchise and management agreements.