Hilton Announces Agreement to Issue Unsecured Notes

The Notes have been offered and sold in a private placement to qualified institutional buyers pursuant to Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”). The Notes have not been registered under the Securities Act or securities laws of any state and may not be offered or sold in the United States absent an applicable exemption from registration requirements under the Securities Act or the laws of any state. This press release shall not constitute an offer to sell or a solicitation of an offer to buy such Notes in any jurisdiction in which such an offer or sale would be unlawful.

In connection with the offering of the Notes, Hilton has made certain information available to prospective financing sources. Hilton is posting under the Investor Relations tab on its website () certain of this information, including information relating to Hilton’s financial performance for the three months ended September 30, 2007 and information relating to the financing of the merger of Hilton, which was completed on October 24, 2007.

About Hilton

Hilton Hotels Corporation is the leading global hospitality company, with 2,896 properties totaling approximately 490,000 rooms in 76 countries and territories.

The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hilton?, Conrad? Hotels & Resorts, Doubletree?, Embassy Suites Hotels?, Hampton Inn?, Hampton Inn & Suites?, Hilton Garden Inn?, Hilton Grand Vacations^TM, Homewood Suites by Hilton? and The Waldorf=Astoria Collection?.

This press release includes statements that constitute “forward-looking statements,” including with regard to the offer and sale of the Notes, such as the completion and timing of such sale. These statements are made pursuant to the safe harbor provisions of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Hilton to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. For additional discussion of factors that could cause actual results to differ materially from management’s projections, estimates and expectations, see the information posted, or to be posted, on Hilton’s website. Hilton undertakes no duty to update its forward-looking statements.