Private Equity Firm Blackstone Group LP Is Buying Hilton Hotels Corp.

Flush with money from the recent IPO, Blackstone Private Equity Group is buying Hilton Hotels Corp. It will also buy all outstanding Hilton shares for $47.50 eacch. Hilton's board approved the deal last Tuesday.

So what this purchase means is that the Beverly Hills-based Hilton Hotels will be made private. At the same time, it is worth mentioning that Blackstone owns more than 100,000 hotel rooms in the United States and Europe. They include La Quinta Inns and Suites, LXR Luxury Resorts and Hotels. If you add the number of hotels owned and operated by Hilton, you are looking at a huge number of hotels. Hilton operates more than 2,800 hotels and 480,000 rooms in 76 countries and territories and includes brands such as Doubletree, Embassy Suites and Hampton Inn.