Hilton Hotels Corporation Announces Plans to Develop Manhattan's First Purpose-Built Timeshare Property

BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Sept. 21, 2006--Hilton Hotels Corporation through its timeshare division, Hilton Grand Vacations Company (HGVC), announced plans today to develop the first purpose-built timeshare property in New York City, New York. Construction of a 28-story Hilton Grand Vacations Club is projected to start in January, 2007. Located on West 57th Street between the Avenue of the Americas and Seventh Avenue, the project is anticipated to include 161 units, and is targeted for completion in early 2009.

This unprecedented development marks the first time a building designed exclusively for timeshare accommodations has ever been constructed in Manhattan. According to Antoine Dagot, President and CEO of HGVC, "The prominence of the Hilton legacy in New York City is being taken to the next level. After decades of leadership in all hotel segments throughout Manhattan, Hilton has achieved a development milestone that has never before been accomplished in the New York hospitality industry. The ability to build, from the ground-up, a timeshare product tailored exclusively to our meet our customers' distinctive preferences offers extraordinary advantages. Our premium mid-town address and the quality of accommodations and amenities planned for this Hilton Grand Vacations Club property will make it one of the most sought-after timeshare products in our portfolio."

Dagot credits the success of HGVC's Hilton Club product, located on the 37th and 38th floors of the Hilton New York, along with years of diligence and the tremendous collaborative efforts of key Hilton team members nationwide, for the successful acquisition of such a prime real estate parcel. He added, "Securing this ideal location was well worth our patience and persistence. With Carnegie Hall nearby, just down the street from Fifth Avenue and the theater district, this Hilton Grand Vacations Club will offer our Members and guests immediate access to the very best of New York City. We could not ask for a better foundation upon which to build our first Hilton Grand Vacations Club in New York."

Hilton Grand Vacations Company, LLC (HGVC) is a division of Hilton Hotels Corporation (NYSE:HLT). Hilton Hotels Corporation is the leading global hospitality company, with over 2,800 hotels and 490,000 rooms in more than 80 countries, including 150,000 team members worldwide. The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hilton(R), Conrad(R), Coral by Hilton(R), Doubletree(R), Embassy Suites Hotels(R), Hampton Inn(R), Hampton Inn & Suites(R), Hilton Garden Inn(R), Hilton Grand Vacations(TM), Homewood Suites by Hilton(R), Scandic and The Waldorf=Astoria Collection(TM). For more information, please visit www.hiltonworldwide.com.

Headquartered in Orlando, Florida, HGVC develops, markets and operates a system of brand name, high-quality vacation ownership resorts in select vacation destinations. The company also manages two innovative club membership programs, Hilton Grand Vacations Club(R) and The Hilton Club(R), providing exclusive exchange, leisure travel and reservation services for more than 100,000 Club Members.