Posted at 11:44 a.m., Wednesday, October 24, 2007
Hilton purchase by Blackstone Group completed
Advertiser Staff and News Services
Hilton Hotels Corp. said it had completed its purchase by The Blackstone Group and that its shares will stop trading on the New York Stock Exchange today as a result.Hilton is the nation's second-largest hotel chain and the operator of some of the state's biggest lodging properties, including the Hilton Hawaiian Village and the Hilton Waikoloa Village.
Bloomberg News reported the $26 billion including debt being paid for Hilton is a record for the hotel industry. New York-based Blackstone, which already owns the La Quinta lodging chain, joins Apollo Management LP and TPG Inc. in targeting hotel companies for their cash flow and real estate, Bloomberg said.
