 Promus Hotel Corp. ceased to exist after its purchase by Hilton Hotels Corporation in 1998.Promus Hotel Corporation's beginnings are tied to the original Holiday Corp., which was based in Memphis, Tennessee.Holiday Corp. owned the Holiday Inn hotel chain, but significantly higher competition in the hotel industry and a 1987 financial restructuring that left Holiday Corp. heavily in debt prompted Holiday to sell in August 1989 its Holiday Inn chain (including Crowne Plaza) for $2.23 billion to Bass PLC, a large British brewing concern.