US financial investor Blackstone has purchased the Hilton hotel group. The deal, which is subject to approval of shareholders and the competent supervisory authorities, is due to be completed in the fourth quarter of 2007. The deal is worth USD 26 billion (EUR 19.1 billion).
Hilton owns and operates 2,800 hotels with 480,000 rooms in 76 countries around the world, and has a workforce of 100,000. In fiscal 2006, the group generated revenues of USD 8.16 billion. This is not the first investment Blackstone has made in the hotel business: Blackstone already owns LaQuinta Inns & Suites and LXR Luxury Resorts & Hotels.
Blackstone is being advised by a team of Gleiss Lutz lawyers, comprising Dr. Jan Bauer and Dr. Christian Cascante (joint lead, both partners, corporate/M&A, Frankfurt/Stuttgart), Christian Steinke (partner, Berlin), Roland Hartmannsberger (Stuttgart), Dr. Hendrik Maroldt (Berlin), both real estate, Dr. Ingo Brinker (partner, antitrust, Munich), Dr. Stefanie Beinert (partner, tax, Stuttgart), and Martin Viciano Gofferje (corporate/M&A, Stuttgart) .
Blackstone also received advice on the transaction from our alliance law firm Herbert Smith in London, and from Simpson Thacher in New York, with whom Gleiss Lutz has been working closely together for years.
Gleiss Lutz has advised Blackstone on a number of transactions in the past, including the purchase of Klöckner Pentaplast, Blackstone’s shareholding in Deutsche Telekom AG and the public takeover of Celanese AG. We have also recently assisted Blackstone on real estate transactions, including the purchase of Swissotel Neuss.
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