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希爾頓酒店投資方黑石集團11年凈賺140億美元后全身而退! - 酒店資訊-輝視資訊_旅游及大住宿業專業媒體 - 輝視-旅游及大住宿業門戶

新聞來源:宏輝智通 發布日期:2019-04-11 瀏覽次數:774

  出售成功后,黑石集團從投資希爾頓股權中獲得的回報總額將達到140億美元,這也將成就私募股權交易史上最賺錢的一筆投資。

  美國私募投資巨頭黑石集團(Blackstone Group LP)近日宣布,同意出售其持有的希爾頓國際酒店集團(Hilton Worldwide Holdings Inc,以下簡稱“希爾頓”)最后1580萬股股票,總價值約13億美元。作為交易的一部分,希爾頓將回購其中的125萬股。

  此次出售標志著黑石集團將徹底結束與希爾頓11年來起起伏伏的投資合作關系。出售成功后,黑石集團從投資希爾頓股權中獲得的回報總額將達到140億美元,是初始投資金額的三倍多。這也將成就私募股權交易史上最賺錢的一筆投資。

  最近剛剛擔任黑石集團房地產部門負責人、希爾頓交易的策劃者兼集團總裁 Jonathan Gray 將繼續擔任希爾頓董事會主席,目前希爾頓集團還沒有撤銷其職位的計劃。

  艱難的開始

  黑石集團于2006年開始“追求”希爾頓,并在內部命名這筆交易為 “Project Murphy(墨菲計劃)”。這個名稱源于喜劇演員 Eddie Murphy 于1984年主演的電影《Beverly Hills Cop.(比佛利山警探)》,當時希爾頓的總部位于加州比利佛山莊。

  2007年6月,黑石集團終于以創紀錄的267億美元杠桿收購了希爾頓,將其私有化退市。其中黑石集團連同旗下房地產、私募基金和一些合作投資者出資65億美元,其余200多億美元由美國 Bear Stearns 等投資銀行提供,杠桿率達到80%。

  然而好景不長,2008年世界金融危機來襲。在黑石集團持有希爾頓的前18個月內,由于受到金融危機的影響,希爾頓全球銷售額下降20%,息稅折舊及攤銷前利潤(EBITDA)下降了40%。黑石集團將其對希爾頓的投資減記了約70%。

  絕處逢生

  隨著金融危機的逐漸遠去,以及黑石集團采取的 “buy it, fix it, sell it(買下,整治,賣掉)” 的策略為希爾頓帶來了新面貌。黑石集團在收購之初就引入了酒店業元老 Chris Nassetta 擔任希爾頓 CEO。憑借著在酒店行業多年豐富的管理經驗, Chris Nassetta 一上任就實施一系列革新計劃,包括將總部由加州比弗利山莊遷往弗吉尼亞州、更換高層管理人員,并大幅削減運營成本。

  黑石集團還對希爾頓加大投資,并重組了其債務。2013年12月,希爾頓在美國上市,成為當時全球酒店行業規模最大的一次 IPO(詳見《華麗志》報道:希爾頓成功IPO-酒店業老大重返股市)。而在成功上市后,希爾頓的最大股東黑石集團也成為最大贏家。此時,希爾頓的市值已經翻了一倍多。

  在重組和上市之后,黑石集團大膽推動希爾頓的特許經營策略。該策略讓希爾頓用極少的投資就使帶有希爾頓品牌的酒店遍地開花。在黑石集團的管理下,希爾頓系統中的酒店房間數量幾乎翻了一番,達到90萬間,并且還有35萬間房間處于規劃之中。希爾頓還推出了新品牌來吸引更多客戶,包括 Curio、Tru、Canopy、Tapestry 和 Home2。

  此外,希爾頓還通過一些利潤豐厚的房地產交易來增加收入。2014年,希爾頓以19.5億美元,將自己的標志性酒店-紐約華爾道夫(Waldorf Astoria New York)所處的建筑所有權轉讓給了中國安邦保險集團(詳見《華麗志》報道:[華麗志]獨家解密:希爾頓為何把紐約華爾道夫酒店資產賣給中國安邦保險)。希爾頓還試圖通過剝離其擁有的房地產部門 Park Hotels&Resorts Inc. 和 Hilton Grand Vacations Inc. (希爾頓分時度假酒店集團)為股東創造更多價值。

  而在希爾頓上市后,整合和處理好酒店業務的黑石集團也開始不斷減持股份。自2014年開始,黑石集團分12次交易逐步清倉了持有的希爾頓股票,其中包括2016年10月,以65億美元將25%的希爾頓股權出售給中國海航集團。該交易完成后,黑石集團持有的股權下降至21%,而海航集團成為了希爾頓集團的最大股東(詳見《華麗志》報道:海航集團斥資65億美元收購希爾頓酒店集團25%股權,超越黑石集團成最大股東)。據彭博社報道,中國海航集團已經從希爾頓投資中獲利約20億美元。

  黑石集團和其投資者并不是唯一從希爾頓扭虧為盈中受益的人,功臣 Chris Nassetta 也獲得了價值約2.5億美元的希爾頓股票。據悉,他尚未出售這些股份。

  黑石的新動作

  顯然,宣布出售所有剩余希爾頓股權后的黑石集團不會停止自己在酒店領域的投資步伐。本周一,黑石集團宣布將以37億美元的價格收購美國酒店業主 LaSalle hotel Properties(以下簡稱 “LaSalle”),這高于競爭對手 Pebblebrook Hotel Trust(以下簡稱 “Pebblebrook”)于4月公布的35億美元的收購報價。

  Pebblebrook 的報價為每股31.75美元,而黑石集團的報價為每股33.5美元,比上周五 LaSalle 的收盤價高出5%。消息傳出后,LaSalle 股價上漲5.2%至33.55美元,黑石集團股價也小幅上漲。

  LaSalle 背后是一群專業的酒店投資者、資產管理者和金融專家,而非傳統的酒店經營者,旗下擁有41家高端全服務酒店,在美國7個州和哥倫比亞特區的11個市場中擁有約1.04萬間客房。公司親自挑選投資組合中的每個新增項目,以確保與其嚴格的投資標準和目標保持一致。

  在被 LaSalle 拒絕了先前的報價后,Pebblebrook 于4月提高了報價,并表示自己低估了高端地段酒店(包括洛杉磯 W 酒店)業主的價值。

  LaSalle 董事會主席 Stuart Scott 表示,在決定接受黑石集團的報價前,公司已經與20位潛在買家進行了接洽,并與其中10家簽署了保密協議。

  花旗集團(Citigroup Global Markets Inc. )和高盛公司(Goldman Sachs & Co LLC)在交易中擔任了 LaSalle 的財務顧問,Goodwin Procter 和 DLA Piper 則擔任 LaSalle 的法律顧問。

  摩根士丹利(Morgan Stanley & Co. LLC)和摩根大通(J.P. Morgan)擔任了黑石集團的財務顧問。Simpson Thacher & Bartlett LLP 則擔任黑石集團的法律顧問。

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