In Hilton I.P.O., a Losing Deal Turns Around | nytimes.com

In early 2009, it looked as if Blackstone, the investment firm, had struck one of the worst deals ever. Two years earlier, Blackstone had acquired Hilton Hotels for $26 billion, one of the largest buyouts of all time. It was a big deal but just part of the prevailing trend of a heady era. Private equity shops were targeting ever- larger companies, global real estate values were booming and hotel occupancy rates were high.