Hilton

Hotels · taken private by Blackstone

Entry value$26BOct 24, 2007 · deal value, including debt Exit value$32.7BDec 2013 · With the debt Multiple1.26×exit ÷ entry, see below Years private6.1Oct 24, 2007 → Dec 2013

The classic full circle. Blackstone took Hilton private in October 2007, restructured its debt in 2010, replaced management and grew the development pipeline, and listed it again on the NYSE in December 2013. It is not a technology story: the rebuild was management, brands and balance sheet.

THE CYCLE · BLACKSTONE

Hilton | private 6.1 years, out at 1.26×

in$26B→out$32.7B·1.26×

private public · every tag links its source

What happened, step by step

Blackstone agreed in July 2007 to buy Hilton Hotels for $47.50 a share in cash, a deal valued at about $26 billion and a 40% premium; the merger closed on October 24, 2007 and the stock left the NYSE.Take-private · Oct 24, 2007
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Management Assembled a new management team led by Christopher J. Nassetta as president and chief executive.While private · 2007
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Debt Restructured its buyout debt in April 2010.While private · Apr 2010
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Product Opened the first Home2 Suites by Hilton hotel, a new brand.While private · 2011
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Growth Grew the rooms in its development pipeline by 60%, to 185,699.While private · 2013
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Debt Refinanced, repaying in full all $13.4B of borrowings outstanding from the buyout.While private · Oct 25, 2013
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Hilton Worldwide priced its IPO at $20.00 a share: 64.1 million new shares and 53.5 million sold by the selling stockholder.Back to market · Dec 2013
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Blackstone kept a majority of the voting power after the IPO.After · Dec 2013
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The multiple, read every way

The 2007 figure includes debt; this page compares it with the IPO's equity value plus the debt left after the offering.

Exit value worked out as 984.6M shares outstanding after the offering × $20.

The angle

No AI or systems pitch: the rebuild was management, brands, the development pipeline and the balance sheet.

“This transaction is about building the premier global hospitality business.”Jonathan Gray, Blackstone · announcing the 2007 deal · Jul 3, 2007
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Sources (3)

sec.gov /Archives/edgar/data/47580/000110465907052273/a07-18077_1ex99d1.htm
sec.gov /Archives/edgar/data/0000047580/000110465907076613/a07-27433_1ex99d1.h
sec.gov /Archives/edgar/data/1585689/000119312513473211/d593452d424b4.htm

How this is researched

Researched by hand from primary sources: the companies' and buyers' press releases, SEC filings (prospectuses and 8-Ks) and credible press. Each source logo links the page that states the row; anything we couldn't source is left out. The multiple is exit value over entry value as the sources state them; the readings above say where the two are not like for like. Updated Oct 12, 2026.