Hilton Hotels Corporation agreed to be purchased by The Blackstone Group in a deal worth approximately $26 billion, including debt.
Hilton’s Board of Directors approved the transaction July 3. The deal is expected to close during the fourth quarter of this year, subject to the approval of Hilton’s shareholders and other customary closing conditions.
Blackstone currently owns more than 100,000 hotel rooms in the U.S. and Europe, across brands ranging from La Quinta Inns and Suites to LXR Luxury Resorts and Hotels, which includes premier properties such as Arizona’s The Boulders Resort and Spa, Puerto Rico’s The El Conquistador Resort and Florida’s The Boca Raton Resort and Club.
Hilton’s family of brands includes Hilton, Conrad Hotels & Resorts, Doubletree, Embassy Suites, Hampton Inn, Hilton Garden Inn, Homewood Suites by Hilton, and the new Waldorf=Astoria Collection. Hilton owns or operates approximately 2,800 hotels and 480,000 rooms.
Blackstone, the largest private investor in hospitality worldwide during the past 15 years, said it plans to invest in the Hilton properties and brands globally to grow the business.
“It is hard to imagine a better strategic fit for us than Hilton, with its world-class people, brands and network of hotels,” said Jonathan Gray, senior managing director of The Blackstone Group. “This transaction is about building the premier global hospitality business. We are committed to investing in the company and working with Hilton’s outstanding owners and franchises to continue to grow and enhance the business.”
