The long-rumored relocation of Hilton Hotels' headquarters from Beverly Hills, CA to the Washington, DC area will happen this fall. The firm says it's looking at sites in Maryland and Virginia.

While the firm says the move will "significantly reduce our operating expenses and position Hilton in a more central location from which to operate a global business," it's no secret that President & CEO Chris Nassetta longs to return to the DC area, where he was based as chief of Host Hotels. He joined Hilton in late 2007.

Hilton will join two other hotel heavyweights in the area: Marriott (Bethesda, MD) and Choice (Silver Spring, MD).