Hilton Sells 11 Hotels, Plans to Shed 8 More

Hilton Hotels Corp. sold 11 hotels for $416 million and said it planned to shed eight more properties.

Hilton generated net proceeds of $335 million from the sales, which began in May. The additional planned sales include a 600-room Hilton in Anchorage and the 821-room Hilton Minneapolis, the Beverly Hills-based company said.

Hilton is selling assets to get a greater share of its profit from managing and franchising hotels rather than owning the hotels outright.