The deal, which runs through the 2008 Beijing Summer Games, calls for Hilton to provide cash to the US Olympic and Paralympic teams and use of its hotels for USOC athletes and officials.
In return, Hilton will be allowed to use the official hotel sponsor designation and use Olympic team logos in advertising and marketing materials.
The sponsorship is the 13th for the USOC in 24 months, with nine new deals and four renewals. Five more deals have been completed and are expected to be announced in the next three to four months.
The USOC now has more than $400million in broadcast and sponsorship revenue for the current four-year budget cycle.
"Corporate America continues to demonstrate strong support four the U.S. Olympic Team and American athletes," USOC spokesman Darryl Seibel said.
Hilton was also a USOC sponsor from 1988 to 1992.
