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Business Description
Hilton Hotels Corporation (HHC) is primarily engaged, together with its subsidiaries, in the ownership, management and development of hotels, resorts and timeshare properties and the franchising of lodging properties. As of December 31, 2001, the Company's system contained 1,986 properties, totaling over 327,000 rooms worldwide. Of such properties, the Company owned an interest in and operated 130 hotels, leased nine hotels, managed 210 hotels owned by others and franchised 1,612 hotels owned and operated by third parties. Also included in the number of properties in the system are 25 timeshare properties, which the Company managed or franchised. All of these properties are located in the United States, with the exception of 11 hotels in which the Company owns an interest and/or manages and 40 hotels that it franchises. The Company's hotel brands include Hilton, Hilton Garden Inn, Doubletree, Embassy Suites, Hampton, Homewood Suites by Hilton and Conrad.

Financial Information
Hilton Hotels Corp. is engaged in the ownership, management and franchising of hotels, resorts, and vacation ownership properties. For the six months ended 6/30/02, revenues decreased 10% to $1.96 billion. Net income decreased 22% to $110 million. Revenues reflect lower sales from the Company's owned hotel impacted by the economic downturn in the United States. Earnings also reflect lower operating margins and higher loss on asset dispositions.