Hilton Hotel Corp. has entered into a short-term franchise agreement with the buyer for the soon-to-be-closed 319-room hotel, located at 2525 W. Loop South near Westheimer. Come late spring, the facility will shut down for renovation and remain closed through summer. The buyer is a Philadelphia-based real estate investment and management firm that specializes in repositioning and redeveloping hotels, office buildings, industrial buildings, apartment complexes, retail facilities and mixed-use properties.

"This is going to be a unique neo-modern hotel," Jon Cummins, Amerimar Enterprises' executive vice president, tells GlobeSt.com. He says the renovation is far from simple, but rather the launch of a new modern design concept in the Houston market.

Matthew J. Hart, Hilton's executive vice president and CFO, says the deal is consistent with Hilton's plan to own "strategic hotels in major markets with high barriers to entry, while growing our income stream from franchising and management contracts." Hilton Corp. says the profit will be used to pay down debt and other general purposes. Hilton currently develops, owns, manages or franchises approximately 2,000 hotels, resorts and vacation ownership properties. Red Lion Hotels & Inns is one of 11 company-owned hotel/resort brands.