Thursday, July 5, 2007

Blackstone Buys Hilton Hotel Chain

Wow! Being on jury duty gives you a lot more time to catch up on your reading. As you might have guessed, as of this writing I still have not been called to a case.

It has been announced that Blackstone Group -- the formerly private investment fund that purchased Equity Office several months ago -- has purchased the Hilton Hotel Chain. Big money for everyone! As of this transaction, the total dollar value of hotel transactions in 2007 has surpassed that of all of 2006.

Little Paris Hilton will surely have extra $$$ in her portfolio now to dig her out of trouble the next time!! But seriously, the acquisition is different for Blackstone this time, in that they plan to hold most if not all of these properties for the foreseeable future. In the Equity transaction, Blackstone spun off many of Equity's holdings, creating a bigger cash reserve for the acquisition minded firm, which took itself public last week

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