Tomorrow is the day that Hilton will begin trading publicly again after what has undeniably been quite a wild ride.  The hotel chain was bought by Blackstone at the peak of real estate boom at an extremely rich multiple.  For a long time the deal looked like it going to end up being disastrous but...Read More

When Blackstone took Hilton private in 2007, it was a time of extreme optimism in the LBO market.  The deal was funded with a low percentage of equity and in the depths of the financial crisis, the deal looked to be a complete loser with bond prices plummeting.  I give a lot of credit to...Read More