Hilton's Bollenbach Stepping Down, Company Flaunting Waldorf-Astoria Project

Hilton Hotels Corp. CEO Stephen Bollenbach will relinquish his position at the end of the year, the company has announced. Bollenbach, who spent three years at the helm, will remain co-chairman of the board and provide consulting services to the company. The announcement coincides with the addition of Hilton President and COO Matt Hart to the company's board. Hart figures to be a potential successor to Bollenbach when the board taps a new CEO, which is expected to happen by summer. Amid the executive shakeup, Hilton announced plans to redevelop the Beverly Hilton and build an adjacent 120-room Waldorf-Astoria. The $500 million project, still subject to city approval, would have new architecture, 4.5 acres of gardens and open space and an outdoor public art collection. Beny Alagem, owner of the Beverly Hilton, said renovations on his hotel would transform it into a garden environment. A new Waldorf-Astoria Beverly Hills would be the company's first new-build of the luxury brand on the west coast.

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