Philadelphia-based Aramark will pick up 14 conference centers and university hotels in the deal. Included in the transaction are Harrison Conference Center at Glen Cove, NY; Harrison Conference Center at Lake Bluff, IL; Inn at Harvard Square; Harvard Square Hotel; Bell Atlantic Learning Center and Center for Executive Education at Babson College, in Massachusetts; Roanoke Hotel and the Roanoke Conference Center in Virginia; Merrill Lynch Conference & Training Center in New Jersey; University Place Conference Center & Hotel in Indianapolis; Inn at the Colonnade in Maryland; R. David Thomas Center at Duke University; Carolina Inn and Paul J. Rizzo Center in North Carolina.

"The acquisition supports our overall strategy of building and expanding relationships with our existing clients," continued Aramark chairman and CEO Joseph Neubauer, adding that the deal "creates an ideal combination of their leadership and innovation with our existing management team."

Beverly Hills-based Hilton acquired Harrison Conference Centers as part of its November 1999 acquisition of Promus Hotel Corp. Closing of the transaction, which is subject to customary closing conditions, is expected to be completed by the end of the second quarter of this calendar year.