Hilton Hotels Sold To Blackstone Group
The enormous Hilton Hotel chain has been sold to the large US private equity group Blackstone. The Blackstone group, which already boasts the Galileo, Gullivers and Orbitz brands in its portfolio, is set to buy the Hilton Hotels Corporation in a 26 Billion US dollar cash deal. Blackstone will acquire all the outstanding common stock of Hilton for 47.50 US dollars per share. Hilton Hotels staff in the US are said to have welcomed the announcement.
A statement from Blackstone said that the group intends to grow the Hilton brand even further. Currently Hilton Hotels has around 480,000 rooms in over 2,800 locations worldwide. Blackstone will add this to the 100,000 rooms it currently has in the United States and Europe.
Pending the approval of Hilton’s shareholders, the deal is expected to be completed in the fourth quarter of 2007. The deal is likely to be good news for Hilton shareholders, employees and customers, given that Blackstone has a proven track record of successful investment in its previous acquisitions.
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Travel Industry news posted on 04 July 2007
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