U.S. News

Hilton Hotels Earnings Rise on Higher Rates


Hilton Hotels, which is in the process of being acquired by private equity firm Blackstone Group, said on Tuesday that its quarterly earnings rose, helped by higher room rates and more hotels in its system.

The company, which operates the Hilton, Hampton, and Doubletree hotel brands, posted second-quarter net profit of $165 million, or 40 cents per share, compared with $144 million, or 35 cents per share, in the same period a year ago.

Excluding one-time items, including a gain from the sale of the Scandic hotel chain, the company said it posted second-quarter earnings of 38 cents per share.

On July 3, Hilton agreed to be acquired by Blackstone for $47.50 a share in cash, or about $20 billion, in what would be the largest private equity buyout of a hotel company.