Business News
Hilton sale to Blackstone completed for 20 billion dollars
Oct 24, 2007, 19:31 GMT
New York - US investment firm Blackstone Group on Wednesday completed its planned acquisition of Hilton Hotels Corporation for about 20 billion dollars.
Hilton shareholders will receive 47.50 dollars per share in cash, the firms said.
With nearly 2,800 hotels in 80 countries, Hilton, which was founded in 1919, is one of the world's largest hotel chains.
Besides the Hilton Hotels, the company also owns and operates the Conrad Hotels and Resorts, Doubletree Clubs and Hotels, Embassy Suites Hotels, Hampton Inns and the Waldorf-Astoria Collection.
It employs 150,000 people and recorded sales last year of 8.2 billion dollars and profits of 572 million dollars, up 24 per cent from the year before.
With the acquisition of Hilton, Blackstone will become the number one investor in hotels worldwide.
© 2007 dpa - Deutsche Presse-AgenturCOMMENT
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