Hilton Hotels Sold, Whatever Will Paris Do Now

Oh dear, whatever will happen to Paris Hilton now.

After the close of trading today, Hilton Hotels announced it had made a definitive merger deal with Blackstone for a price of $26 billion, all cash.

It is the first major acquisition for Blackstone since going public in June. The buyout came quickly after after a rival company announced its public offering for the hotel chain.

The Hilton board of directors approved the takeover bid on Tuesday and is looking to complete the deal by late this year.

In their announcement, Blackstone said it intends to invest in Hilton "and grow the business for the benefit of owners, franchisees and customers." Blackstone claims to be the largest private investor in the hospitality industry.

The Hilton sale includes its gambling properties worldwide, giving Blackstone a foot up on the hotel competition.

Reading a bit deeper into the actual intent than was mentioned, with Blackstone's assets and cash from the recent public offering, it is in good position to expand the Hilton Family of brands into new markets, which most likely contain casino operations.

Poor, poor Pairs.

July 4, 2007
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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