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Blackstone Buys Hilton Hotels
July 4, 2007 |
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| Category: World Travel News
Hilton Hotels has entered into a definitive merger agreement with The Blackstone Group's real estate and corporate private equity funds in an all-cash transaction valued at approximately US$26 billion.
Under the terms of the agreement, Blackstone will acquire all the outstanding common stock of Hilton for US$47.50 per share. The price represents a premium of 40% over the closing stock price on July 2. Hilton's Board of Directors has approved the transaction and it is anticipated that the transaction will close during the fourth quarter of 2007.
The acquisition brings together a leading global hospitality company with Blackstone's extensive portfolio of hotels and resorts. Blackstone currently owns more than 100,000 hotel rooms in the U.S. and Europe, ranging from limited service properties such as La Quinta Inns and Suites to LXR Luxury Resorts and Hotels.
Stephen F. Bollenbach, Hilton's co-chairman and chief executive officer, said: "Our priority has always been to maximize shareholder value. Our Board of Directors concluded that this transaction provides compelling value for our shareholders with a significant premium. We are delighted that a company with the resources and reputation of Blackstone fully appreciates the value inherent in our global presence, strong brands, industry leading marketing and technology programs, and unique portfolio of hotel properties."
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