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September 24, 1996|Times Staff and Wire Reports

Hilton to Buy Prudential's Interest in Hotels: The Beverly Hills-based hotel chain said that it has agreed to buy Prudential Insurance Co. of America's 50% stake in the New York Hilton & Towers, Manhattan's largest hotel; the Washington Hilton & Towers; the Capital Hilton in Washington; and the Rye Town Hilton in Rye, N.Y. The deal is part of a Hilton plan to acquire full-service hotels in markets where little new competition is foreseen. Hilton has been managing all four hotels and will continue to do so. Hilton also announced that it acquired the landmark Drake Hotel in Chicago, a notable stop for royalty and celebrities, for more than $40 million.

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