Secondary offering of shares for Hilton Worldwide
The Blackstone Group is to reduce its stake in Hilton Worldwide by 14% to about 57%, after announcing that it will start a secondary offering of shares.
As a result, Blackstone intends to sell 90 million of the company's shares, raising around $2.27bn (£1.42bn) based on a share price of $25.24 (£15.82).
The underwriters will have a 30-day option to purchase up to an additional 13.5 million shares.
Hilton Worldwide went public in December 2013, when its initial public offering raised around $2.35bn (£1.47bn).
Last week, Hilton Worldwide reported turnover of $2.64bn (£1.65bn) for the third quarter of the year, compared with $2.45bn (£1.53bn for the same period in 2013.
Christopher Nassetta, president and chief executive of Hilton Worldwide, said, "The global presence of our industry-leading brands continues to increase, with over 12,000 new rooms opening during the third quarter. Globally, we remain number one in rooms under construction, rooms in the pipeline and room supply.
In October, Hilton Worldwide launched its 12th brand, Canopy by Hilton.
