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Hilton now part of Blackstone Group
By Lisa Kerner
Charlotte, N.C., Oct. 24 - Hilton Hotels Corp. has merged with an affiliate of the Blackstone Group's real estate and corporate private equity funds.
Shareholders of the Beverly Hills, Calif.,-based hotel company will receive $47.50 per share under the July 3 agreement, according to a company news release.
It was previously reported that Blackstone already owned more than 100,000 hotel rooms in the United States and Europe, ranging from limited service properties such as La Quinta Inns and Suites to LXR Luxury Resorts and Hotels.
Hilton also announced that as of 8 a.m. ET Wednesday, the following total principal amounts of its securities had been validly tendered:
? $363.7 million of 7 5/8% notes due 2008;
? $129.5 million of 7.2% notes due 2009;
? $290.7 million of 8¼% notes due 2011;
? $369.9 million of 7 5/8% notes due 2012;
? $145.1 million of 7½% notes due 2017;
? $103.6 million of 8% quarterly interest bonds due 2031; and
? 67.7 billion Chilean pesos of its 7.43% Chilean Inflation-Indexed notes due 2009.
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