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India, it operates through the global arm Hilton International
in eight locations in collaboration with the East India
Hotels. It had also entered into a joint venture with
real estate developer DLF last year to run 75 mid-sized
hotels with an investment of $143 million over a period
of seven years.
Industry analysts believe the acquisition would not
alter Hilton's current growth plans, since ultimately,
Blackstone too would want to cash in on the huge opportunities
in India.
Blackstone has said it intends to invest in the Hilton
properties and brands globally to enhance and grow the
business for the benefit of owners, franchisees and
customers.
Blackstone already has a significant portfolio of hotel
and resort properties that includes more than 100,000
hotel rooms in the US and Europe.
The 61- year old Beverley Hills , California based Hilton
operates its hotels under the brand names, 'Hilton',
'Hilton Garden Inn', 'Doubletree', 'Embassy Suites',
'Homewood Suites by Hilton', 'Hampton', 'Waldorf Astoria',
and 'Conrad.' As of March 31, 2007, it had 2,838 hotels
and 483,090 rooms.
Under the terms of the agreement, Blackstone will acquire
all the outstanding shares of Hilton for $47.50 per
share, which is at a premium of 32 per cent to the closing
price of the Hilton shares last Tuesday on the New York
Stock Exchange. It is one of the biggest private equity
deals in the recent times. The transaction is expected
to be closed in the last quarter of this year.
Resource: http://www.indianexpress.com
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