Nevada (Las Vegas) - Business Wire - Park Place Entertainment Corporation today announced that it has entered into a definitive agreement to sell the Las Vegas Hilton to an affiliate of Colony Capital, LLC, a Los Angeles based international private investment firm, for approximately $280 million. The transaction is expected to close by the end of the second quarter of 2004 and is subject to customary closing conditions outlined in the purchase agreement. "The Las Vegas Hilton has been a longstanding and distinguished member of the Park Place family, and it has a legendary place in the history of Las Vegas," said Park Place President and Chief Executive Officer Wallace R. Barr. "However, as we move forward, the company's strategy is to focus on core assets. In Las Vegas, those assets are Caesars Palace, Bally's, Paris and the Flamingo - all located at the key intersection of Flamingo Road and the Las Vegas Strip. Divesting the Las Vegas Hilton allows us to concentrate on and reinvest in those assets while continuing to reduce our overall level of indebtedness," Barr added.

Source: http://biz.yahoo.com/bw/031224/245165_1.html