Hilton Bags Key West Hotels
Hilton Worldwide will acquire five hotels with $1.76B of the proceeds from its Waldorf Astoria sale last fall, two of which are in Key West, where room revenue outpaces both NYC and US averages (and RevPAR is No. 3 nationwide, according to STR). The other properties in the deal include Parc 55 in S.F. and two hotels in Orlando. The move is part of a strategic shift by the world's largest hotel operator away from New York, where room revenue growth has slowed due to an ever-growing supply of new hotel developments. The seller is Blackstone.