Under terms of the 50-year deal, which is retroactive to 1996,Beverly Hills-based Hilton will pay the city a minimum of $1.1 million annually forthe property. The original lease wasn't set to expire until 2019, butthe new lease provides the hotel company certainty that it will havecontrol of the property for the next several decades.
The new lease has actually been in the works since 1994, when the city agreed to negotiate an extension of the old pact as part of Hilton's plan to launch a $25-million renovation. Therenovation was finished five years ago, officials at Hilton say.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
