Co-founder of Hilton & Hyland Rick Hilton also announced in a statement released on Thursday an upcoming brokerage in partnership with his son, Barron Hilton, called Hilton & Hilton.

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Lori Hyland, wife of the late Jeff Hyland, has become the sole shareholder and owner of Hilton & Hyland, The Real Deal first reported.

The luxury boutique brokerage based in Beverly Hills will retain the name Hilton & Hyland following chairman and co-founder Rick Hilton’s relinquishing ownership, who previously held a 50/50 ownership split with Hyland. Hilton’s title moving forward will remain “co-founder.”

Lori Hyland | Hilton & Hyland

Lori Hyland was at her husband Jeff’s side from the brokerage’s beginnings when Hilton & Hyland was born in 1993. In addition to his real estate career, Jeff was an architectural historian and wrote “Legendary Estate of Beverly Hills,” an encyclopedia of the city’s great homes throughout history. Jeff passed away in February 2022 following a battle with cancer.

Lori, who is a fine artist by trade, has long respected Hilton & Hyland and its place in Beverly Hills history. She graduated from the University of Southern California and also attended the Pratt Institute and School of Visual Arts in New York.

“Beverly Hills is the only inlet city of the major luxury markets, yet, people come from all over the globe to build legendary estate here and add to its extensive history,” Lori Hyland said in a statement released by the brokerage on Thursday. “It is such an honor to be centered in this treasured community and I am deeply excited for what’s ahead as Hilton & Hyland continues to serve it.”

Rick will be greatly regarded as Hilton & Hyland’s co-founder who joined Jeff 30 years ago to create our masterpiece of an agency,” Hyland continued. “Hilton & Hyland has a sterling reputation on the world stage and will continue to represent its unique and legendary estates.”

Since Jeff Hyland’s passing, some notable agents have left the firm, including Drew Fenton who started his own shop, Carolwood, this past summer. Linda May also left with Fenton, as well as almost three dozen other agents, The Real Deal reported. The office’s former general manager, Billy Jack Carter, also resigned from the firm in September.

Hilton is a member of the Hilton Hotel family, husband of Kathy Hilton, and father of Paris, Nicky, Barron and Conrad Hilton. He launched Hilton Realty Investment in 1984 and ran the company prior to partnering with Hyland on Hilton & Hyland in 1993.

Rick Hilton | Hilton & Hyland

Hilton & Hyland clocked an annual sales volume of $4 billion with an average price per transaction of $6.87 million in 2021, according to the company’s website. In Los Angeles, the brokerage boasted a 31 percent market share of sales priced $20 million or more, a 23 percent market share of sales priced $10 million or more and a 19 percent market share of sales priced $5 million or more in 2021.

“I entered the real estate business over thirty years ago,” Hilton said in a statement. “During those three decades, along with my partner, Jeff Hyland, we created and built ‘Hilton & Hyland.’ Together, we turned our company into the finest boutique brokerage in the world.”

Hilton also took the opportunity to announce a new real estate endeavor with his son, Barron Hilton.

“With Jeff’s passing, it seemed like a natural progression to move forward by creating a new brokerage with my son,  Barron,” Hilton said. “It is to be called Hilton & Hilton.”

Hilton & Hyland representatives did not have additional information to share regarding the details of Hilton & Hilton’s launch.

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Email Lillian Dickerson

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