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Blackstone Readies Sale of Hilton

NEW YORK CITY-Looking to pounce on the strength of the equity markets and of the hotel sector, Blackstone is said to be preparing an IPO, marking its second hotel brand sale plan revealed within a week.

By Rayna Katz | Updated on August 09, 2013

NEW YORK CITY-Poised to seize on ideal market conditions, the Blackstone Group is getting ready to sell Hilton Hotels & Resorts Worldwide, which it acquired in 2007 for more than $18 billion, plus more than $7 billion in assumed debt. The private equity firm is reportedly preparing an IPO for the hotel giant and has hired four banks—Deutsche Bank, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley—to start the process, according to the Wall Street Journal.

Blackstone has been shedding assets of late, taking advantage of the dominance of the public market over private equity. The firm revealed earlier this week it would sell its holdings in La Quinta Hotels and, in July it filed plans to sell shares in its Extended Stay America hotel brand. In the second quarter the firm issued an IPO for Sea World Entertainment and, the Journal reports, it sold shares in companies like Nielsen Holdings. The company completed an IPO of Pinnacle Foods in the first quarter.

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