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FINANCING
Sallie Mae to take loss on sale of assets
SLM, the Reston-based student lender better known as Sallie Mae, said it will recognize an after-tax loss of $85 million to $95 million on the sale of mortgage and other real-estate-related assets.
The fourth-quarter loss will stem from a sale Oct. 22 of substantially all of the mortgage loan and other real-estate-related assets of the company's GRP Loan and GRP Strategies units, Sallie Mae said.
The buyer, Credit Suisse Group's DLJ Mortgage Capital, paid $278.7 million for the assets, according to a filing with the Securities and Exchange Commission.
-- Bloomberg News
HOSPITALITY
Hilton to expand presence in Russia
Hilton Hotels plans to open four hotels in Russia by the end of 2012 and sees "opportunities for significant growth" in the country, the vice president for development in northern Europe said.
Hilton, based in McLean, already operates two Russian hotels, in Moscow and the city of Perm. Hilton will open a second hotel in Perm in 2011 and one in Novosibirsk in Siberia next year, while two more are scheduled to open in Sochi and Samara in 2012, Mike Collini said. The company is also in talks about "numerous" hotel developments in Moscow, St. Petersburg and other Russian cities, he said.
-- Bloomberg News
