|Blackstone offloads part of its Hilton stocks to cash in.|
Saturday, 14th June 2014
Source : 4Hoteliers.com & external sources
|Blackstone Group is selling a significant piece of its majority stake in Hilton Worldwide six months after the hotel chain was brought public in the biggest-ever IPO for a US based hotel company. |
Bloomberg reported: Hilton registered to sell 90 million shares on Blackstone’s behalf, according to a filing today from the McLean, Virginia-based hotel operator.
The world’s largest lodging company by market value has climbed 17 percent since raising $2.35 billion in its Dec. 11 IPO. The underwriters will be allowed to buy another 13.5 million shares if they sell the initial amount.
Blackstone is taking advantage of stocks at record highs to start to return money from its largest-ever investment by the amount of equity staked. The New York-based firm’s $26 billion purchase of Hilton in 2007 came at the tail end of the buyout boom.
Since then, the rebound in capital markets and the travel industry has catapulted the deal to be among the most profitable private-equity acquisitions of all time. (Source)
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