Blackstone Group is reducing its stake in Hilton Worldwide Holdings, the world’s largest hotel operator, through the sale of 90 million shares in the company.
Underwriters have the option to sell an additional 13.5 million shares, which, if sold, would reduce Blackstone’s interest in Hilton to 44.7 percent from 55.2 percent. Without the additional share option, Blackstone’s stake would drop to 46 percent.
The financial services firm began paring its stake in Hilton last year after taking it public in December 2013 at $20 per share – a record initial public offering by a hotel company, according to Bloomberg.
The stock sale will yield roughly $2.7 billion without the additional shares sold, per Hilton’s closing price Friday. Blackstone bought its stake in Hilton for $26 billion in 2007. [Bloomberg] – Rey Mashayekhi