July 4, 2009 |
Blackstone Group, the buyout firm that owns Hilton Hotels Corp., sold a golf resort near Carmel to an investment firm led by John Pritzker for $20 million. Pritzker, the founding partner of San Francisco-based Geolo Capital and son of the late billionaire Hyatt Hotels founder Jay Pritzker, said his company would spend about $25 million to upgrade Carmel Valley Ranch during the next 18 to 24 months. The resort is spread over 400 acres, and Pritzker's plans include room renovations and a spa.
May 22, 2012 |
Motel 6 and Studio 6, the no-frills budget hotel chains that once offered rooms for $6 a night, are being sold by French parent Accor for $1.9 billion. Their new owner, an affiliate of private equity firm Blackstone Group, already owns Hilton Worldwide. Blackstone's Real Estate Partners VII fund said it plans to "accelerate the expansion of the franchise base" for Motel 6 and Studio 6. Accor said it will use proceeds from the sale to slash its debt and grow its luxury Sofitel and Novotel hotels in expanding markets such as Asia, Latin America and Europe.
May 12, 1989
Wall Street Firms Look at Thrifts: Three powerful Wall Street companies--Salomon Inc., Blackstone Group and Old Stone Corp.--announced the formation of a partnership for the purpose of acquiring insolvent financial institutions. The three companies said their affiliates hope to raise between $300 million and $600 million to take over and operate some of the troubled institutions crippled by the nation's thrift industry crisis.
October 25, 2007 |
Hilton Hotels Corp., the second-largest U.S. hotel chain, said its $20-billion sale to Blackstone Group was completed. Hilton's shares stopped trading on the New York Stock Exchange after the market closed, the companies said. The sale, for $26 billion including debt, is a record for the hotel industry. Shares of Beverly Hills-based Hilton rose 8 cents to $47.48.
March 25, 1988
Former White House budget director David A. Stockman is quitting the Wall Street giant Salomon Bros. to join the Blackstone Group, the smaller rival has announced. Stockman, a managing director at Salomon since leaving the White House in 1985, will handle all merchant banking activities and merger transactions for the Blackstone Group, the company said.
July 1, 2006 |
Arts-and-crafts chain Michaels Stores Inc. agreed to a $6-billion buyout by Bain Capital and Blackstone Group in the largest retail acquisition in more than a year. Irving, Texas-based Michaels has about 900 Michaels stores and 165 Aaron Brothers outlets. The retailer posted sales of $3.68 billion last year. Bain and Blackstone will pay $44 a share, 6.7% higher than Michaels' Friday closing price of $41.24, up $3.24 for the day.