FOR IMMEDIATE RELEASE
Westfield Contact: Catharine C. Dickey (310) 445-2407
Hilton Hotels Corporation Contact: Kathy Shepard (310) 205-7676
Los Angeles, California, November 4, 2002 – Westfield America announced today that it has agreed to acquire the leasehold interest of The Red Lion Inn Southcenter in the city of Tukwila, a suburb of Seattle, Washington, from Hilton Hotels Corporation of Beverly Hills, California for $2.8 million. The transaction is expected to be completed in January 2003.
In reviewing redevelopment options for Westfield Shoppingtown Southcenter, Westfield identified this acquisition as a strategic opportunity to further the redevelopment and expansion of the center. The hotel property is adjacent to the center and occupies approximately six acres.
“When Westfield acquired Southcenter earlier this year, we had already recognized its potential for growth,” said David Doll, Westfield’s Senior Executive Vice President of Development. “We are currently in the process of developing expansion plans and anticipate submitting our application for redevelopment with the City of Tukwila during the first quarter of 2003.”
Hilton Hotels Corporation, one of the hotel’s general partners and the manager, will operate the Red Lion Hotel through its closing in mid-December. “The dedicated staff at the Red Lion Inn Southcenter will continue to ensure that all guests will continue to receive the same high level of Red Lion service this hotel has provided for the past 30 years,” said Frank Welton, Hilton Hotels Corporation area vice president and general manager of the Doubletree Bellevue. “Additionally, many of the 70 Red Lion Inn Southcenter team members will be employed at one of the five other hotels Hilton operates in the area including the Doubletree Hotel Seattle Airport, Hilton Seattle Airport, Doubletree Guest Suites Southcenter, Embassy Suites Hotel Tukwila and the Doubletree Hotel Bellevue.”
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Westfield Shoppingtown Southcenter is owned by Westfield America Trust (ASX: WFA), the second-largest property trust listed on the Australian Stock Exchange. WFA owns a majority interest in the Westfield America portfolio of 61 U.S. centers, branded as Westfield Shoppingtowns. Westfield Shoppingtowns are home to more than 8,400 specialty stores in California, Colorado, Connecticut, Florida, Illinois, Indiana, Maryland, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio and Washington.
Hilton Hotels Corporation is recognized internationally as a preeminent hospitality company. The company develops, owns, manages or franchises approximately 2,000 hotels, resorts and vacation ownership properties. Its portfolio includes many of the worlds best known and most highly regarded hotel brands, including Hilton®, Conrad™, Doubletree®, Embassy Suites Hotels®, Hampton Inn®, Hampton Inn & Suites®, Hilton Garden Inn®, Hilton Grand Vacations Company® and Homewood Suites® by Hilton.