Hilton Group completed the sale of its hotels division for £3.3bn (US$3.5bn, 2.9bn euro) to US-based Hilton Hotels Corporation on 23 February.

The announcement was made as the group revealed its annual results to 31 December 2005.

The group’s pre-tax profit was up 9.9 per cent to £413.9m in 2005 while earnings per share rose 8.9 per cent to 22 pence.

Hilton said its Ladbrokes betting arm had suffered from the cancellation of 19 horse racing fixtures in January but its online gaming division continued to be successful.

Hilton also promised to return up to £4.2bn to shareholders early in the second quarter.

Chief executive David Michels said: “Hilton Group made record profits in 2005, in what was a good year for both hotels and betting. I am proud to have been associated with the company.” Details: www.hiltongroup.com