LONDON (AFX) - Hilton Group PLC confirmed today that it has signed an agreement for the sale of its hotel division, Hilton International, to Hilton Hotels Corporation for 3.3 bln stg.
This, when added to the proceeds of the recent sale of 16 UK Hilton International hotels, realises a total of approximately 3.7 bln stg for the group's hotels and related assets.
The group said it expects to return a substantial amount of cash to shareholders early in the second quarter of 2006 following a review of the appropriate capital structure for the new Ladbrokes PLC, which is what the group will be renamed.
The new group will be headed by Sir Ian Robinson who will continue as chairman, supported by the existing non executive directors, other than Stephen Bollenbach who has resigned as a director. Christopher Bell will become the chief executive and John O'Reilly and Alan Ross will join the board as executive directors. Hilton has also appointed Rosemary Thorne as finance director.
The group also commented on current trading which it said is in line with expectations with a confident outlook for the coming year. newsdesk@afxnews.com slm
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This, when added to the proceeds of the recent sale of 16 UK Hilton International hotels, realises a total of approximately 3.7 bln stg for the group's hotels and related assets.
The group said it expects to return a substantial amount of cash to shareholders early in the second quarter of 2006 following a review of the appropriate capital structure for the new Ladbrokes PLC, which is what the group will be renamed.
The new group will be headed by Sir Ian Robinson who will continue as chairman, supported by the existing non executive directors, other than Stephen Bollenbach who has resigned as a director. Christopher Bell will become the chief executive and John O'Reilly and Alan Ross will join the board as executive directors. Hilton has also appointed Rosemary Thorne as finance director.
The group also commented on current trading which it said is in line with expectations with a confident outlook for the coming year. newsdesk@afxnews.com slm
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content,inculding by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
