Hilton swings to a profit for the quarter

Hilton Hotels Corp., along with its spinoff Park Place Entertainment Corp., posted pro forma earnings for the fourth-quarter of 1998 that were lower than expected. However, the company's shares increased as a result of optimism about Hilton's talks over the acquisition of approximately $1 billion worth of hotel assets. Hilton posted $35 million in quarterly net income. During the same period in 1997, the company posted a $5 million loss.