Blackstone Gain on Hilton to Rank With Top in Private Equity
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Hilton Worldwide Holdings Inc., once seen as a black mark on Blackstone Group LP’s record in real estate, is poised to generate one of the two biggest private-equity profits of all time.
Blackstone has a paper profit of $8.5 billion in the McLean, Virginia-based hotel operator’s initial public offering today. That’s second only to the $10.1 billion of gains that Apollo Global Management LLC has had from its 2008 investment in chemicals producer LyondellBasell Industries NV, according to data compiled by Bloomberg. Hilton would become No. 1 if the shares rise more than $2 above its IPO price.