US private equity firm Blackstone Group s to buy Hilton Hotels Corporation for about $26 billion cash, the richest deal in a series of recent private equity offers for hotel companies.
Under terms of the agreed deal, Blackstone will pay $47.50 for each Hilton share. Blackstone, which raised $4.1 billion in an IPO late last month, said it intends to invest in the Hilton properties and brands globally to grow the business. It already has a significant portfolio of hotel and resort properties with more than 100,000 hotel rooms.
“The transaction is subject to approval by share-holders as well as customary closing conditions – this is expected by end of this year,” said Jean-Paul Herzog, president, Hilton Hotels, MENA. “Blackstone are making a strategic investment and will seek to continue growing the business. They intend to invest in the Hilton Hotels Corporation properties and brands globally. It is business as usual.”
TTN is the most established trade publication in the Middle East distributed on a controlled circulation basis to members of the travel and tourism industry.
Published monthly by Al Hilal Publishing and Marketing Group, the region’s foremost trade publisher, TTN is aimed at professionals in the industry, from travel agents to airline and hotel personnel.
TTN provides in-depth and extensive coverage of relevant issues in the Middle East and North Africa as well as in other parts of the world. Travel related news, analysis, and new appointments together with information on up-coming exhibitions, marketing and promotional campaigns are presented in an innovative and striking colour tabloid.
Every issue also contains a collation of international and regional news and topical features of interest to readers.