10 November 2021, Virtual
London, UK - November 2021
London, UK - December 2021
But debt options being explored
Private equity group Blackstone has today (Aug 11) denied reports it is to break-up Hilton Hotel Corporation (HHC) as part of a debt restructuring plan.
A spokesperson for Blackstone told ABTN reports that parts of the Hilton group of hotels were soon to be sold to rivals were "categorically untrue".
But Blackstone confirmed that it was exploring options to restructure $20.6bn of debt incurred when it bought HHC in 2007.
Blackstone bought HHC for $26bn, a deal which was financed with $20.6bn of debt and $5.7bn of equity, the Financial Times said.
Blackstone said the public listing of some parts of Hilton was just one of many options currently being explored.
Other ways to restructure HHC's capital structure and lessen its debt may include a debt-for-equity swap.
It is understood Blackstone must meet its debt repayment deadlines in four years time.
Blackstone is thought to have written down its investment in HHC by as much as 50% since acquiring the group when markets were at their peak.
The global economic downturn has taken its toll on demand for hotel rooms and the value of hotel properties in general.
The writing-down is estimated to have cost Blackstone around $1.45bn.