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Blackstone
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NYSE: BX | blackstone.com | Hoover's profile
Blackstone is a private equity group (with publicly-traded stock) which has been purchasing hotels recently.
Based in New York, NY, Blackstone was founded in 1985 by Peter G. Peterson and Stephen A Schwarzman. Other holdings include Houghton Mifflin and Universal Studios Florida.
Blackstone owns:
- Prime Hospitality Corporation. Bought in 2004 for $790 million. Brands: Prime Hotels, Wellesley Inns & Suites (now part of La Quinta, no properties in Las Vegas).
- La Quinta Corporation. Bought in 2005. Dallas-based La Quinta has the brands: La Quinta and Woodfield Suites.
- LXR Luxury Resorts and Hotels. In 2005, Blackstone bought Wyndham International Inc. (AMEX: WBR)for $3.24 billion. (This is a different company from Wyndham Worldwide Corp.) Based in Dallas, Wyndham owned and leased 32 hotels. Held by private equity firms Apollo, Beacon Capital, TH Lee. Half the hotels were sold to Columbia Sussex in Oct 2005; the rest were rebranded as LXR Luxury Resorts and Hotels (no properties in Las Vegas).
- Travelport. Bought in July 2006 from Cendant, now Wyndham. Travelport includes Orbitz online travel agency and Galileo.
- MeriStar Hospitality Corp. Bought in 2006 for $2.6 billion. Based in Bethesda, MD and founded in 1988, MeriStar was one of the largest hotel real estate investment trusts (REIT).
- Hilton Hotels Corporation. Bought in 2007 for $26 billion. Hilton's brands include Hilton, Conrad Hotels & Resorts, Doubletree, Embassy Suites, Hampton Inn, Hilton Garden Inn, Hilton Grand Vacations, Homewood Suites by Hilton, and The Waldorf=Astoria Collection.
Blackstone has sold:
- AmeriSuites. Founded by Mark Yale Harris in 1991. Sold in 1998, maybe to Prime Hospitality which was bought by Blackstone in 2004. Sold in 2004 to Global Hyatt which renamed the chain Hyatt Place.
- Savoy Group. The owned of London luxury hotels including Claridge's was sold in 2004 to an Irish investment group.
- HVM (Extended Stay). Sold in 2007 for $8 billion to The Lightstone Group.
About Hilton
hiltonworldwide.com | Hoovers profile
Based in Beverly Hills, California, Hilton Hotels is one of the world's largest hotel chains. Brands include: Conrad, Doubletree, Embassy Suites, Hampton Inn, Hilton, Hilton Garden Inn, Hilton Grand Vacations (timeshares), Homewood Suites. Founded in 1946 in Texas by Conrad Hilton (1887-1979) whose son, William Barron Hilton, is currently the co-chairman. Hilton Hotels owns, manages, and franchises hotels -- the company does not own the Las Vegas Hilton but has licensed the brand name to owner Resorts International Entertainment (subsidiary of Colony Capital) through 2008. Similarly, Majestic Resorts is building a high-end Conrad hotel with Waldorf=Astoria Residences in The Conrad Majestic (2009).
Hilton has a significant history in Las Vegas. Barron and Conrad Hilton were, along with William Harrah, instrumental in changing state law in 1967 to allow publicly-traded corporations to own casinos. In 1970, Hilton Corp. bought, from Kirk Kerkorian, the Flamingo (renamed the Flamingo Hilton) and the International (renamed the Hilton in 1971). In 1996, Hilton bought Bally Entertainment, including Bally's and the under-construction Paris Las Vegas. Hilton spun off its casino arm in 1998 as Park Place Entertainment Corporation (owning Bally's, the Flamingo, the Hilton, and Paris). Park Place acquired Caesars World, Inc. (owner of Caesars Palace) in 1999 for $3 billion and changed its name in 2004 to Caesars Entertainment, Inc. They sold the Las Vegas Hilton in 2004 to Colony Capital of Los Angeles (the Hilton name is licensed to Colony). Caesars Entertainment (which then owned Bally's, Caesars Palace, the Flamingo, and Paris) was acquired by Harrah's in 2005.
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Blackstone's La Quinta Hotels in Las Vegas |
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Hotel | Rooms |
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La Quinta - Airport (LQ)
| 251
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La Quinta - Lakes (LQ)
| 75
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La Quinta - Nellis (LQ)
| 59
|
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La Quinta - Summerlin (LQ)
| 128
|
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La Quinta - Tropicana (LQ)
| 59
|
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Total
| 572
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