They will be selling chunks of assets but retaining a sizeable portion for their account and funds under management. I stayed at the Hotel Roanoke, VA(Doubletree) during Christmas. The Doubletrees are booked for New Years Eve. Hilton is making lots of dough.
One way you can tell that the Hilton people expect much better times ahead is that they have raised the bars for their "elite sleeper" program. In the worst of the recession you only had to make 12 stays to be "HHonors Gold". A couple years back it was raised to 16 stays, and they recently announced that you have to make 20 stays to get Gold status for next year.
They must be pretty confident because I know that I can't make 20 stays this year, so I will be looking to switch programs. 16 I could barely do by not staying at convention hotels and stuff like that, but no way I can do 20. I have discussed it with others in my office and the same is true for them. We have all been at least Gold for at least the last 5 years (one had Diamond status before they increased last time), but we are all going to be out now.
It's too bad regarding my sleeping arrangements, because I liked staying at the Hilton properties (especially when I have Gold status) but other chains have not raised their bars (yet.) However, as a BX shareholder, I'm encouraged.