Hilton Worldwide Holdings Inc., once seen as a black mark on Blackstone Group LP (BX)’s record in real estate, is poised to generate one of the two biggest private-equity profits of all time.
Blackstone stands to make a paper profit of more than $8 billion in the McLean, Virginia-based hotel operator’s initial public offering, scheduled for today. That would be second only to the $10.1 billion of gains that Apollo Global Management LLC (APO) has had from its 2008 investment in chemicals producer LyondellBasell Industries NV (LYB), according to data compiled by Bloomberg. Hilton would become No. 1 if the shares rise more than $1 above the high end of the proposed price range.