Hilton To Buy Four Blackstone Hotels
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Hilton Worldwide Holdings is reportedly in talks to buy four hotels from Blackstone in order to defer tax payments on its nearly $2B sale of the Waldorf Astoria New York. Bloomberg writes that the properties include two Waldorfs in Key West and one in Orlando as well as the Parc 55 Wyndham, which with over 1,000 rooms is San Francisco's fourth biggest hotel.
Owners other thank Blackstone, which owns a majority of Hilton, include Rockpoint Group (Parc 55), Gem Realty Capital and Farallon Capital Management (both of which co-own the Orlando property). Hilton could pay up to $550M for the SF hotel, according to sources who spoke to Bloomberg. In October Hilton sold the Waldorf, a Park Avenue warhorse, to the Chinese company Angbang Insurance Group for $1.95B, a record price for a hotel sale.