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Encyclopedia > Blackstone Group

Blackstone Group L.P. (NYSEBX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, Boston, London, Hamburg, Paris, Mumbai, and Hong Kong. One of the world's largest private equity firms, [1] it is part of the migration of companies from public to private hands — a total of some $370 billion in deals in the U.S. in 2006. A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs). ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Private equity is a broad term that refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market. ... This article is about the Pete Peterson who was a U.S. government official during the Nixon administration; there is also a Pete Peterson who was a former Florida Congressman and ambassador to Vietnam. ... Stephen A. Schwarzman (14 February 1947 - ) is the Chief Executive Officer and co-founder of the Blackstone Group. ... Midtown Manhattan, looking north from the Empire State Building, 2005 New York City (officially named the City of New York) is the most populous city in the state of New York and the entire United States. ... Park Avenue in the Upper East Side (2004) Park Avenue runs north and south between Madison Avenue and Lexington Avenue in Manhattan in New York City. ... This article is about the state capital of Georgia. ... Nickname: City on the Hill, Beantown, The Hub (of the Universe)1, Athens of America, The Cradle of Revolution, Puritan City, Americas Walking City Location in Massachusetts, USA Counties Suffolk County Mayor Thomas M. Menino(D) Area    - City 232. ... This article is about the capital of England and the United Kingdom. ... This article is about the city in Germany. ... City flag City coat of arms Motto: Fluctuat nec mergitur (Latin: Tossed by the waves, she does not sink) The Eiffel Tower in Paris, as seen from the esplanade du Trocadéro. ... , “Bombay” redirects here. ... This article does not cite any references or sources. ... The term privately held company refers to ownership of a business company in two different ways—first, referring to ownership by non-governmental organizations; and second, referring to ownership of the companys stock by a relatively small number of holders who do not trade the stock publicly. ...


It is not to be confused with the investment management firm BlackRock, Inc., which was founded by Blackstone, but sold in 1995. Blackstone is a wordplay on the founders' names. Schwarz is German for black and Peter, recurrent both in the name and surname of one of the founders, stands for stone, thus yielding the company's name: Blackstone. (Peterson is a Greek-American and his name Peter, or "Petros" in Greek, means stone or rock.) Investment management is the professional management of various securities (shares, bonds etc) assets (e. ... BlackRock Inc. ...

Contents

Business divisions

Allied Waste Industries is a Fortune 1000 comapany that owns many garbage disposal companies. ... Celanese is a large American chemical company. ... i suck for crack!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!11Houghton Mifflin Company is a leading educational publisher in the United States. ... American Axle & Manufacturing (commonly called American Axle or AAM), founded in Detroit, Michigan, is a manufacturer of automobile driveline and chassis systems, as well as forged products. ... The entrance of Legoland Deutschland. ... Universal Studios Florida is a theme park in Orlando, Florida, part of the Universal Orlando Resort. ... Nickname: City on the Hill, Beantown, The Hub (of the Universe)1, Athens of America, The Cradle of Revolution, Puritan City, Americas Walking City Location in Massachusetts, USA Counties Suffolk County Mayor Thomas M. Menino(D) Area    - City 232. ... NY redirects here. ... This page is a candidate for speedy deletion. ... Aerial photo (looking NW) of the Washington Monument and the White House in Washington, DC. Washington, D.C., officially the District of Columbia (also known as D.C.; Washington; the Nations Capital; the District; and, historically, the Federal City) is the capital city and administrative district of the United... A hedge fund is a private investment fund charging a performance fee and typically open to only a very limited range of qualified investors. ... Restructuring is the corporate management term for the act of partially dismantling and reorganizing a company for the purpose of making it more efficient and therefore more profitable. ... Xerox Corporation (NYSE: XRX) (name pronounced ) is a global document management company, which manufactures and sells a range of color and black-and-white printers, multifunction systems, photo copiers, digital production printing presses, and related consulting services and supplies. ... Enron Corporation (Former NYSE ticker symbol: ENE) was an American energy company based in Houston, Texas. ... A health club chain known for its manipulative sales practices. ... Global Crossing Ltd. ...

Recent activity

Blackstone opened its IPO at $31 a share for +15 million shares, rose nearly $7 shortly after the open but subsequently dropped below $30 in the following week.


In recent years Blackstone has made significant investments in the hotel and commercial real estate industries by buying and taking private seven large publicly-traded firms:

  • On July 1, 2007, the Blackstone Group sold Global Tower Partners to Macquarie Infrastructure Partners for an enterprise value of $1.425 billion. Global Tower Partners is a leading owner and operator of wireless towers and sites.[4]
  • In December, 2006, Blackstone as part of a Consortium of private equity funds including Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG, agreed to purchase all stock shares of Biomet for approximately $10.9 billion. Biomet is a worldwide manufacturer and marketer of hip, knee, shoulder, and spinal implants and supporting surgical supplies for the orthopedic industry.
  • In November, 2006, Blackstone agreed through its affiliate, Blackstone Real Estate Partners, to acquire billionaire Sam Zell's Equity Office Properties Trust, for approximately $39 billion. Goldman Sachs, Bank of America, Morgan Stanley and a few others acted as financial advisors to Blackstone in the deal. Prior to the takeover Equity Office was the nation’s largest publicly held office building owner and manager. Its total office portfolio consisted of whole or partial interests in 580 buildings comprising 108.6 million square feet in 16 states and the District of Columbia. The acquisition was the biggest takeover of a real estate company and the largest private equity deal in history.[2]
  • In July, 2006, Blackstone Capital Partners agreed to purchase Encore Medical for $870 million in cash. Encore makes spine, knee, hip and shoulder implants for the orthopedic industry.
  • In June, 2006, Blackstone entered into a definitive agreement with Cendant Corporation to acquire Travelport, its travel distribution services business for about $4.3B in cash. Travelport includes the Orbitz travel reservation website used by consumers, the Galileo computer reservations system used by airlines and thousands of travel agents, Gulliver’s wholesale travel business, and numerous other travel related software brands and solutions.
  • Also in June, 2006, Blackstone teamed up with Canadian property firm Brookfield Properties to acquire US office REIT Trizec Properties. Blackstone and Brookfield valued Trizec at $8.9 billion.
  • Since April, 2006, Blackstone is a major shareholder (4.5%) of Germany's Deutsche Telekom.
  • In March, 2006, Blackstone announced it intended to acquire CarrAmerica Realty Trust for $5.6 billion. CarrAmerica owns stakes in 285 upscale office properties throughout the US.
  • In February, 2006, Blackstone announced it would purchase Meristar Hospitality Corporation and its 57 hotel assets for $2.6B. Meristar's additional 10 Florida resorts (which Blackstone announced it would acquire separately several weeks before buying the entire company) were relaunched as members of the LXR brand.
  • In January, 2006, Blackstone closed on its $3.4 billion previously announced acquisition of La Quinta Corporation, an owner, manager, and franchiser of limited service hotels under the La Quinta Inns, La Quinta Inns & Suites, and Baymont Inn & Suites brands. In March, 2006 Blackstone announced it would sell the Baymont Inn brand to the Cendant Hotel Group and re-brand Baymont's existing hotels as La Quintas.
  • In June, 2005, Blackstone acquired Wyndham International for $3.2 billion. The Wyndham brand and management business was sold to Cendant Corp and 14 full-service Wyndham hotels located primarily in urban locations were sold to Columbia Sussex, a private hotel ownership and management business based outside Cincinnati. The 21 hotels that remained consisted of Wyndham's prized resort assets and included such properties as El Conquistador Resort & Spa in Puerto Rico, The Reach Resort in Key West, FL, and Carmel Valley Ranch in Carmel, CA. These assets were converted to the LXR brand. Summerfield Suites, Wyndham's extended stay offering was sold to Global Hyatt and renamed Hyatt Summerfield Suites.
  • In October, 2004, Boca Resorts, Inc. agreed to be sold to Blackstone for $1.25 billion. Boca Resorts owned and operated five resort properties in Florida that were all transitioned to the LXR Luxury Resorts brand.
  • In August, 2004, Blackstone paid $800 million to acquire Prime Hospitality. Prime's AmeriSuites brand was quickly sold to Global Hyatt and has since been reborn as Hyatt Place. Thirty-seven Wellesley Inns were converted to the Extended StayAmerica brand and the Prime Hotel Saratoga Springs was renamed The Saratoga and joined the LXR Luxury Resorts brand.
  • In March, 2004, its major affiliate, Blackstone Real Estate Partners, paid $1.9 billion to acquire Extended StayAmerica (ESA). ESA has since been combined with Blackstone's previously-owned Homestead Village brand and rechristened Extended Stay Hotels.

is the 184th day of the year (185th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... Hilton Hotels Corporation headquarters in Beverly Hills Hilton Hotels Corporation (NYSE: HLT) is one of the leading global hospitality companies. ... Hilton Hotels Corporation headquarters in Beverly Hills Hilton Hotels Corporation (NYSE: HLT) is one of the leading global hospitality companies. ... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... Enterprise value (sometimes Total enterprise value, or TEV) is a market-based measure of a companys value. ... The Tussauds Group is now a part of Merlin Entertainments, the worlds second largest leisure group, second only to Disney. ... Dubai International Capital Dubai International Capital (DIC) was established in October 2004 as the international investment arm of Dubai Holding. ... The Goldman Sachs Group, Inc. ... Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late stage leveraged buyouts. ... The Texas Pacific Group (commonly referred as TPG) is a private equity investment firm founded by David Bonderman, James Coulter and William Price in 1993. ... This article does not cite any references or sources. ... Samuel Sam Zell (born September 1941), a U.S. born billionaire and real estate entrepreneur, is co-founder and Chairman of Equity International, a real estate private equity firm. ... Equity Office Properties Trust, headquartered in Chicago, Illinois, is the largest owner of office buildings in the United States. ... The Goldman Sachs Group, Inc. ... Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. ... Morgan Stanley (NYSE: MS) is an investment bank and retail broker provider headquartered in New York City. ... Freescale sign Freescale Semiconductor, Inc. ... The Carlyle Group is a Washington, D.C. based global private equity investment firm with more than $71. ... Permira is an international, private equity firm based in the United Kingdom. ... The Texas Pacific Group (commonly referred as TPG) is a private equity investment firm founded by David Bonderman, James Coulter and William Price in 1993. ... Cendant Corporation (NYSE: CD) is a New York-based provider of business and consumer services, primarily within the real estate and travel sectors. ... Travelport is a new company with a nearly 30-year track record. ... Orbitz, Inc. ... The Galileo Central Reservations System is one of the main computer reservation systems designed for the travel industry by a consortium of airlines. ... A computer reservations system (CRS) is a computerized system used to store and retrieve information and conduct transactions related to travel. ... Brookfield Properties Corporation TSX: BPO NYSE: BPO is a Toronto-based North American commercial real estate company. ... A Real Estate Investment Trust or REIT (rhymes with meet) is a specialized form of investment company in the United States that effectively allows its (usually public) investors to share the ownership of a group of real estate properties. ... [[Images:Bonn DTAG2. ... La Quinta Inns are a chain of limited service hotels in the United States and Canada. ... La Quinta Inn is a chain of limited service hotels in the United States and Canada. ... La Quinta Inn is a chain of limited service hotels in the United States and Canada. ... Baymont Inn & Suites is a hotel franchise owned by Cendant and based in the United States. ... Wyndham Hotels and Resorts is a chain of hotels and resorts, mainly located in the United States, but having branches in Mexico, and the Caribbean. ... Cendant Corporation was a New York-based provider of business and consumer services, primarily within the real estate and travel industries. ... In June 2005 the Blackstone Group acquired Wyndham International for $3. ... AmeriSuites Hotels is a hotel chain currently owned by Hyatt. ... Global Hyatt Corporation is a Chicago, Illinois based holding company for several hotel brands and related businesses. ... Hyatt Place, a new and innovative Select Service hotel concept brought to you by Global Hyatt. ... Saratoga Springs is a city located in Saratoga County, New York. ... The first Extended Stay America hotels opened in 1995 by a number of founders including management from Blockbuster Video and AutoNation. ... Extended Stay Hotels is the culmination of a rapid expansion in the extended stay lodging market. ...

Notable current and former employees

Politics and public service:

Martin Brian Mulroney, PC, CC, GOQ, LLD (born March 20, 1939), was the eighteenth Prime Minister of Canada from September 17, 1984, to June 25, 1993 and was leader of the Progressive Conservative Party of Canada from 1983 to 1993. ... Regions Political culture Foreign relations Other countries Atlas  Politics Portal      The Prime Minister of Canada (French: Premier ministre du Canada), is the Minister of the Crown who is head of the Government of Canada. ... Jeffrey Garten Jeffrey E. Garten (born October 29, 1946) was the Undersecretary of Commerce for International Trade under the Clinton administration and former Dean of the Yale School of Management. ... The Yale School of Management (also known as Yale SOM) is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, USA. Yale SOM offers M.B.A. and Ph. ... Antony Leung Kam-chung GBS JP (梁錦松, Pinyin: Liáng Jǐnsōng, born 1952 in Hong Kong) was the former Financial Secretary of the Hong Kong Special Administrative Region (HKSAR). ... David Alan Stockman (born November 10, 1946) is a former U.S. politician and businessman, serving as U.S. Representative from the state of Michigan 1977-1981 and as the Director of the Office of Management and Budget 1981-1985. ... The House of Representatives is the larger of two houses that make up the U.S. Congress, the other being the United States Senate. ... The Office of Management and Budget (OMB) is a body within the Executive Office of the President of the United States which is tasked with coordinating United States Federal agencies. ...

See also

  • Blackstone Group companies

References

  1. ^ [1]
  2. ^ (2007-07-03). Hilton Hotels Corporation to be Acquired by Blackstone Investments Funds. Press release. Retrieved on 2007-07-03.
  3. ^ Blackstone to Acquire Hilton Hotels for $26 Billion.
  4. ^ (2007-07-03). [http://www.blackstone.com/news/default.asp MACQUARIE CONSORTIUM ACQUIRES WIRELESS TOWER OPERATOR, GLOBAL TOWER PARTNERS, FROM BLACKSTONE]. Press release. Retrieved on 2007-07-01.
    • In May 2007, the government of the People's Republic of China agreed to buy $3 billion non-voting stock in Blackstone, which is slightly less than a 10% stake. As a result Blackstone has increased its Initial Public Offering to $7.8 billion worth of stock, which includes the China stake. The IPO was priced Thursday, June 21, 2007. The partnership units were priced as expected at $31 for 133 million units or $4.123 billion, with likely increased sale of the additional units up to +15% to then total $4.741 billion.[citation needed]
    • In May, 2007, Blackstone agreed to purchase Alliance Data for $7.8 billion.
    • In April, 2007, Blackstone agreed to sell Extended Stay Hotels, based in Spartanburg, South Carolina and its brands to The Lightstone Group for $8 billion. The sale is expected to close in June, 2007 and will be the largest hotel deal in history.[citation needed]
    • In March, 2007, Blackstone filed for $4 billion Initial Public Offering, preparing to change its nature from a private firm to a public firm.<ref>{{cite web|url= http://www.marketwatch.com/news/story/blackstone-files-4-billion-ipo/story.aspx?guid=%7BF3E49B94-6DF3-4F6C-B9F7-ECBE53BE1B07%7D&dist= |accessdate=2007-03-22 | title = Blackstone files for $4 billion IPO}}</li>
    <li id="_note-4">'''[[#_ref-4|^]]''' {{cite web|url=http://www.iht.com/articles/2007/03/05/business/wax.php|title=U.S. private equity group buys Tussauds Group|accessdate=2007-03-07}}</li></ol></ref>

External links

Company datasheet


  Results from FactBites:
 
Reference.com/Encyclopedia/Blackstone Group (1425 words)
Blackstone Group L.P. is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman.
On July 3, 2007, the Blackstone Group and Hilton Hotels Corporation announced plans for the Blackstone Group to acquire Hilton Hotels Corporation with all debt assumed in an all cash deal valued at $26 billion.
On July 1, 2007, the Blackstone Group sold Global Tower Partners to Macquarie Infrastructure Partners for an enterprise value of $1.425 billion.
Blackstone Group, The Jobs: Vault Blackstone Jobs & Employment Profiles (173 words)
With employee surveys, company profiles, job listings, message boards and more, Vault is your complete resource to jobs and employment at Blackstone Group, The.
Read the extended Gold Snapshot for Blackstone, with 3x the info of the basic snapshot.
Blackstone Group, The employee surveys are collected by Vault editors, Vault Gold Surveys provide detailed information on jobs and employment at specific employers.
  More results at FactBites »

 
 

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