Blackstone Group LP will purchase Hilton Hotels Corp. for $26 billion. $18.5 billion will be paid in cash and $7.5 billion in debt.
Hilton Hotels is based in Beverly and owns about 2,800 hotels and 480,000 rooms in 76 countries. The company has more than 10000 employees. The company owns the Hilton Chicago and the Hilton Chicago O'Hare in Chicago. It also manages Drake, Conrad, Doubletree, Embassy Suites, Hilton Garden Inns, Hampton Inns, Homewood Suites.
Hilton Hotels originally started at Texas in 1919, then moved to Beverly Hills in 1950s. The company founder is Conrad Hilton. In 1945 he bough two Chicago based hotels Stevens Hotel and the Palmer House. Both hotels were amazingly huge. Stevens, now the Hilton Chicago, was the world’s biggest hotel at that time.
Later in 2005 Equities LLC bought Palmer House for $230 million, but the hotel is sill being managed by Hilton’s company.
Blackstone Group itself is hotel owner of 100,000 hotel rooms in US and Europe. The company owns La Quinta Inns and Suites to LXR Luxury Resorts and Hotels.
Nowadays hotel business is very profitable, and hotel owners can sell their businesses for good prices. This is not only because of prospering travel industry, but also because of increasing real estate prices. by Ruzan Harutyunyan for HULIQ
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