The Blackstone Group will pay $20 billion in cash for Hilton Hotels Corp., at $47.5 a share. The deal was announced last week. With the merger, Hilton's common stock stopped to trade on New York Stock Exchange.
Speaking to Forbes.com, Citigroup analyst Joshua Attie said that he believes the sale price if Hilton is a good sign for Marriott, Hilton’s main competitor.
Today, Reuters reported that Blackstone said it will invest on Hilton’s brand but it doesn't envision selling any of the company’s brands or major assets.
Chistopher Nassetta, the newly hired president and CEO told The Wall Street Journal: "If they we planning to break things up, I wouldn’t be sitting here." Nassetta, the chief executive of Host Hotels and Resorts Inc., was poached by Hilton and will take office in early 2008.
Blackstone also said Matthew Hart, previously designated to become Hilton's CEO after the retirement of Stephen Bollenbach, will step down as Hilton president and chief operating officer. Hart will continue to serve on the company's board.
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