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Blackstone Group buys Hilton Hotels

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By the end of the year, Blackstone Group will become the world’s biggest hotel operator.

The group’s $26 billion purchase of the Hilton Hotels Corporation, the second-largest hotel chain in the U.S., is expected to close in the fourth quarter this year. After the sale, Blackstone will have an international portfolio of 600,000 beds. InterContinental is currently the largest hotel operator with a worldwide portfolio of 558,000 beds.

During the past 15 years, Blackstone has been the largest private investor in the hospitality sector. The company intends to invest in the Hilton properties and extend the chain’s global reach. In the 18 months since it acquired the La Quinta brand, Blackstone has grown that brand by 45 percent.