BEVERLY HILLS, Calif. -- Hilton Hotels Corp. said yesterday that it agreed to buy most of the rest of four Hilton hotels that it already manages from Prudential Insurance Co. of America for $267 million.
Hilton currently owns 50 percent of the hotels in New York and Washington. They are the New York Hilton and Towers -- Manhattan's largest hotel -- the Rye Town Hilton, the Washington Hilton and Towers and the Capital Hilton.
Prudential said the hotel stakes were owned by its $1.9 billion-asset PRISA fund, a real estate portfolio that the financial services company manages on behalf of 80 pension funds. The sale will leave the fund with stakes of less then 2 percent in each of the properties.