Blackstone to sell $2.3B in Hilton shares

Blackstone Group disclosed plans on Monday to pare its stake in Hilton Worldwide Holdings by an additional $2.3 billion.

Blackstone, which bought Hilton in 2007 for $25 billion in debt and equity, is Hilton’s largest shareholder with a 66 percent stake. Its planned offering of 90 million shares would reduce its holdings to about 57 percent.

Blackstone didn’t sell any shares in December’s initial public offering, but unveiled plans in June to offer 90 million shares when the lockup period for the IPO expired.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Hilton shares closed Friday at $25.24 and went public at $20 a share in December.

Hilton won’t offer any shares in the offering.

Last week, the company reported lower third-quarter earnings, but raised its outlook for the year on strong revenue and occupancy rates.

The hotel operator has been pushing growth by launching a new boutique hotel chain and adding hotels in markets including Latin America, where economic growth is driving demand for new lodging.

Shares have climbed 3.8 percent in the past month.

Suggested Articles

Hyatt Hotels Corp. sold the 1,260-room Hyatt Regency Atlanta to an unnamed buyer but will stay on as operator.

The Peppers Airlie Beach resort in north Queensland is up for sale via an International expressions of interest campaign.

Ahead of the Mediterranean Resort & Hotel Real Estate Forum, Atrium Hotels' Athinagoras Konstantinidis discusses hotel opportunities and challenges.