The private equity firm had taken Hilton private in a $26 billion leveraged buyout in 2007. In 2016, Blackstone agreed to sell a 25 percent stake in Hilton to China's HNA Group Co Ltd [HNAIRC. UL] for $6.5 billion, three times what it paid in 2007.

The story of Blackstone and Hilton is widely regarded as "the most profitable private equity deal in history." In July 2007, Blackstone Group acquired Hilton Hotels Corporation for $26 billion in a massive leveraged buyout. Almost immediately, the 2008 financial crisis hit, causing the value of the investment to plummet by over 70% at one point. However, instead of abandoning the deal, Blackstone "doubled down." Led by Jonathan Gray, they brought in a new CEO, Christopher Nassetta, to radically reorganize the business. They shifted Hilton to an "asset-light" model, selling off physical real estate and focusing on franchising and management fees. They also dramatically expanded Hilton's global footprint, doubling the number of rooms and launching successful new brands like Home2 Suites and Tru. Blackstone successfully took Hilton public again in 2013 and sold its final stake in 2018, ultimately realizing a $14 billion profit. This "badly timed but brilliantly executed" deal transformed Hilton from a struggling, fragmented company into the world's most valuable hotel brand, proving that operational overhaul and strategic patience can overcome even the most catastrophic economic timing.