Blackstone Group takes over Hilton

The $26 billion takeover of Hilton Hotels Corporation by the giant  Blackstone Group probably hasn’t escaped you this week.   It makes Blackstone the biggest hotel concern in the world due to its purchase of hotels over the last two years, overtaking InterContinental Hotels which has occupied the position for the past four years.   The deal will see Stephen Bollenbach, Hilton’s chairman and chief executive, who has approximately 1% share in the company, receive a cool $200 million payout. Barron Hilton, son of Hilton’s founder, Conrad Hilton, and grandfather of socialite Paris Hilton, stands to be the biggest beneficiary from the deal. He has a 5.3% stake.