Hilton Burbank Sells for $125 million

The Hilton Burbank Airport & Convention Center hotel has been sold for $125 million. Pyramid Hotel Opportunity Venture II LLC of Boston will pay $256,000 per room for the 488-room property, with also includes 50,000 square feet of meeting space. The Hollywood Way hotel had been owned by Strategic Hotels & Resorts Inc., a Chicago real estate investment trust that owns 19 properties and more than 9,000 rooms. The deal is expected to close next month.