It closed in May 1995, and was demolished soon thereafter along with Beaconsfield House (the old address of the Information Service Department) and carpark to make way for a commercial development, the Cheung Kong Centre.

The 26-storey building was owned by Hutchison Whampoa, who licensed Hilton Hotels Group to operate it for 50 years.

In the months following its introduction in-room drink sales increased 500%, and the Hong Kong Hilton's overall annual revenue was boosted by 5%.

[2] In January 1994, with about 20 years of the management contract to run, Hutchison announced the buyout of the remaining term for US$125 million.

Hilton Hotels still maintains a presence on Hong Kong Island, with the Conrad at Pacific Place in Admiralty.