Hilton Hotels Buys Sheraton in La Jolla

Hilton Hotels Corp. said it has purchased the Sheraton Grande Torrey Pines for $82.5 million. Hilton said it will rename the 394-room property in La Jolla the Hilton La Jolla Torrey Pines. Tokyo-based Taisei Corp. built the property and managed Torrey Pines Hotel Associates, the partnership that sold it to Hilton. Beverly Hills-based Hilton, which will spin off its casino-gambling operations at year’s end to focus on the lodging business, said it has acquired an estimated $950 million worth of hotel properties in 1998. Its shares fell 13 cents to close at $19.94 on the New York Stock Exchange.