One of the world's best known hotel brands, Hilton, has been reunited under single ownership.
UK-headquartered Hilton Group has sold its 400 international properties to Hilton Hotels Corporation of the USA in a $5.71 billion €4.82bn; £3.31bn) deal. The acquisition, which brings together the businesses for the first time since they split in 1964, aims to compete with major rivals in the growing global hotel market.
Comments analyst Robert Lafleur, of Susquehanna Financial: "It makes sense for the companies to be consolidated so they're a unified global lodging platform and it puts them on a par with their key competitors who are Marriott and Starwood."
The California-headquartered HHC will now have 2,800 properties and 475,000 rooms in 80 countries. Says Hilton ceo Stephen Bollenbach: "This is making us truly an international company."
Meanwhile, the UK Hilton Group retains control of its Ladbrokes gambling business and will change its name to the latter when the deal is completed.
Data sourced from Wall Street Journal Online; additional content by WARC staff