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May.18 -- Bloomberg’s Jason Kelly discusses Blackstone selling its remaining stake in Hilton. He speaks with Alix Steel and David Westin on "Bloomberg Daybreak: Americas."
has warned investors that it faces a growing risk of significantly higher tax bills because of efforts by US states to end a lucrative tax break that Washington lobbyists have fought hard to preserve. A California proposal to levy state tax on carried interest — the share of investment profits that hedge fund and private equity managers are paid as an incentive to hit higher returns — faces its second key legislative hurdle this week. Under federal law, carried interest is taxed as a capital gain, rather than as personal income, enabling hedge fund and private equity executives to pay lower tax rates on some of their earnings than salaried workers.
Blackstone Group LP is shedding its investment in hotel group Hilton Worldwide Holdings Inc., closing out the most profitable private-equity investment in real estate ever. The hotel chain said Friday that Blackstone would sell 15.8 million of its shares in privately negotiated transactions. Hilton also said it agreed to buy back another 1.25 million shares from Blackstone.
Private equity giant Blackstone, which took Hilton private in 2007 and took it public again in 2013, has sold its last shares in the hotel giant.
The sale of 15.8 million shares would generate about $1.32 billion, based on Hilton's Thursday close at $83.30. Hilton said on Friday it will not receive any proceeds from the sale and would repurchase about 1.3 million shares from the shareholders affiliated to Blackstone. Blackstone, which took the Virginia-based company public in 2013, started shedding its stake a year later.
The sale of 15.8 million shares would generate about $1.32 billion (980 million pounds), based on Hilton's Thursday close at $83.30. Hilton said on Friday it will not receive any proceeds from the sale and would repurchase about 1.3 million shares from the shareholders affiliated to Blackstone. Blackstone, which took the Virginia-based company public in 2013, started shedding its stake a year later.
The hotel chain’s largest shareholder will sell 15.8m shares, Hilton said in a statement on Friday. The total value of the stake is estimated at roughly $1.3bn based on Hilton’s closing price of $83.30 on Thursday. The hotel group also said it was buying back 1.25m shares owned by the private equity group.
Blackstone Group LP is finally checking out of Hilton. The hotel company’s largest investor agreed to sell 15.8 million shares, valued at about $1.3 billion, the last of its Hilton Worldwide Holdings Inc. holdings. With the exit, Blackstone will realize some $14 billion of profit, meaning the firm has more than tripled its initial investment.
, bringing to an end 11 years of ownership that proved one of the most profitable private equity transactions. The hotel chain’s largest shareholder will sell 15.8m shares, according to a statement by Hilton on Friday. The total value of the shares is estimated at roughly $1.3bn, based on Hilton’s closing price of $83.30 on Thursday.
New Zealand's Goodman Property Trust (GMT) will sell its majority-held VXV office portfolio to a number of Blackstone funds for NZ$635 million ($436.44 million), in the U.S. private equity giant's latest move further into Oceania. The deal was announced by the property trust's manager, Goodman (NZ) Ltd, on Friday and represents a move away from commercial property for GMT in the country as it reorients itself closer to Auckland's industrial market.
Viktor Vekselberg, the Russian oligarch at the center of a widening scandal over influence peddling by President Donald Trump 's lawyer Michael Cohen , has been banned from doing business in America under U.S. sanctions. Named for Renova Group, Vekselberg's sanctioned Russian holding company, the Renova Fort Ross Foundation was established in 2010 to preserve an unlikely historic landmark: a California state park situated along the state's wild northern coastline two hours north of San Francisco.
Blackstone, the world's largest private equity firm, is on a selling spree in Redmond, where it's also unloading a big office campus next to Microsoft's headquarters.
Goldman Sachs Group Inc. has dumped a big chunk of credit-default swaps linked to Hovnanian Enterprises Inc., according to people with knowledge of the matter. The firm cut loose months after finding itself entangled in a battle featuring Blackstone Group LP that has also invited the wrath of regulators. Goldman had written about $100 million in credit swaps protection tied to the homebuilder toward the end of last year, people with knowledge of the trades said at the time.
Blackstone (BX) announced today that Stephen A. Schwarzman, Chairman, CEO and Co-Founder, is scheduled to present at the Bernstein Strategic Decisions Conference 2018 on Wednesday, May 30, 2018 at 3:00 pm ET. A live webcast of the presentation will be available on the Shareholders section of Blackstone’s website at http://ir.blackstone.com. For those unable to listen to the live audio webcast, a replay will be available on Blackstone’s website shortly after the event.
Blackstone announced today that Jonathan Gray, President & COO, is scheduled to present at the Deutsche Bank 2018 Global Financial Services Conference on Wednesday, May 30, 2018 at 12:40 pm ET.
International Market Centers (“IMC”) and AmericasMart [Atlanta] (“AmericasMart”), two best-in-class operators in the furniture, gift, home decor, rug and apparel B2B industries, have entered into an agreement to form the world’s largest owner and operator of premier showroom space. The combined corporate entity, which will operate under the name “International Market Centers,” will own and operate nearly 20 million square feet of permanent showroom space in Las Vegas (NV), High Point (NC), and Atlanta (GA) creating the world’s largest permanent mart operator for furniture, home decor, rug, gift and apparel.
AmericasMart, a massive downtown Atlanta complex on John Portman Boulevard built in stages from 1961 to 2009, helped create the city’s convention business.
GEMS Education is set to move ahead with an initial public offering, rebuffing interest from a private equity firm for a stake in the school operator backed by Blackstone Group LP, according to people with knowledge of the matter. The Dubai-based education provider may announce plans as early as this week to list in London, the people said, asking not to be identified because the matter is private. GEMS owners -- founder Sunny Varkey, Blackstone, Fajr Capital Ltd. and Bahrain’s Mumtalakat Holding Co. -- had been approached by a private equity company to buy a stake, they said.
Prudential Financial’s (PRU) Investment Management division generated adjusted operating income of $232 million in 1Q18, while in 1Q17 it was $196 million. The performance of this segment depends primarily on the average assets under management (or AUM), which are primarily affected by fluctuations in the markets.
The prediction sent shares of the news and information company down 4 percent as investors fretted about earnings growth after it completes a plan to sell a majority stake in its largest unit. The company expects $500 million (369.14 million pounds) to $600 million in corporate costs this year for tech investments and "right-sizing some areas of the organisation," Chief Financial Officer Stephane Bello told analysts on a conference call after reporting first-quarter earnings. Thomson Reuters agreed to sell a majority stake in that unit in January to private equity firm Blackstone Group LP (BX.N).
As of March 31, Berkshire Hathaway’s (BRK.B) liquidity of $118 billion formed a staggering 24% of the company’s market capitalization. CEO Warren Buffett has hinted at a big-ticket acquisition in future months, which is inevitable given the company’s lack of shareholder payouts due to higher valuation levels. Higher liquidity could be a new normal for Berkshire unless the company engages in major buybacks or dividends.
Lawyers acting for the National Housing Federation have raised objections prompted by Blackstone’s acquisition of a 90 per cent stake in Sage Housing, which describes itself as a “for profit” social housing provider. The move late last year has given Blackstone a way to bid for, and then rent out, the large blocks of apartments that property developers are obliged to classify as “affordable” homes, in competition with traditional housing associations.
The world’s biggest listed private-equity firm is marketing its latest energy fund to capitalize on rebounding oil prices and tighter financial discipline among public oil producers. Blackstone Group LP is planning a first close this quarter on more than half of the roughly $4.5 billion it seeks for its third energy fund, according to a person familiar with the matter. The New York firm is raising the pool three years after it sealed $4.5 billion for its previous energy fund, people said.