Hilton has agreed to buy five hotels, reusing receipts from the sale of the Waldorf Astoria. Parc 55, a hotel in San Francisco, has been bought along with four existing Hilton brand family hotels in Florida.
The Parc 55 is the largest property, with 1,024 rooms, and will be converted to the Hilton Hotels format. The five will cost Hilton USD1.76bn, avoiding capital gains tax otherwise due on the Waldorf sale proceeds.
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