NEW YORK, July 20 (Reuters) - Private equity firm Blackstone Group (BX.N) wrote down its investment in Hilton Hotels by nearly half at the end of 2008, documents obtained by Thomson Reuters' private equity website peHUB show.
The $26 billion deal to buy Hilton was struck at the peak of the buyout bubble in July 2007 and was financed with $20.6 billion of debt and about $5.7 billion of equity. Since then, the hotel market has been hammered by the economic crisis as consumers and businesses have cut back on travel spending.
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