The Management of Hilton Worldwide by The Blackstone Group

IR 427: Seminar in International Business Professor MacDonald & Professor Jichev

15 December 2015

Srishti Bhatnagar

1

A main source of revenue and support for many large successful companies are

investments. Private equity investments are one popular type of investment made by

“institutions such as banks and pension funds, and also include individuals who meet

certain salary and net worth criteria”1. The private equity individual or firm sets long term

goals for the invested company and manages business strategy in order to reach them.

The PESTEL framework describes the political, economic, social, technological,

environmental, and legal factors that affect how an organisation runs2. This paper will

examine the way these PESTEL factors influence private equity involvement in one

specific subcategory of investments: commercial real estate. The individual commercial

real estate firm to be studied in this paper will be the Hilton Worldwide hotel chain.

Hilton Worldwide is an example of a leading multinational organisation in the

hotel/tourism industry. The most recent comprehensive statistics for this firm are from July

31, 2013. By then, Hilton Worldwide had established itself in multiple countries around the

globe with impressive numbers. The organisation claims a presence in 90 countries and

territories as it manages Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad

Hotels & Resorts, Canopy by Hilton, Curio - A Collection by Hilton, DoubleTree by Hilton,

Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, Homewood Suites by

Hilton, Home2 Suites by Hilton and Hilton Grand Vacations3 4.

Given these facts, Hilton Worldwide can undoubtedly be labelled as a multinational

enterprise (MNE). By operating with 300,000 team members globally, not only does the

organisation fully commit to “substantial direct investments in foreign countries,” but it

engages in “active management of these offshore assets rather than simply holding them in

a passive investment portfolio”5. These were the two basic conditions long time considered

to be the basis for defining an organisation as an MNE. The tables below outline the scope

of the active Hilton Worldwide global presence.

1 McFarlane, G. “Difference between private and public equity”, Investopedia. Web. 24 November 2015.

<http://www.investopedia.com/articles/investing/030415/difference-between-private-and-public-equity.asp> 2 Johnson, G, Witthington, R, Scholes, K, Angwin, Duncan, Regner, P. 2014, Exploring Strategy

(10th ed.), Pearson Educated Limited, UK, pp. 34-36

3 Hilton Worldwide: At-A-Glance. Hilton Worldwide Global Media Center. 2013. PDF File. <http://www.hiltonworldwide

globalmediacenter.com/assets/HWW/docs/brandFactSheets/BrandFacts_HW.pdf> 4 Hilton Worldwide Reports Third Quarter Results, Exceeds High End of Guidance and Raises Full Year Outlook for Adjusted

EBITDA. Hilton Worldwide. 2015. PDF File. <http://s1.q4cdn.com/246698567/files/doc_financials/2015/Q3-2015-Earnings-Release.pdf>

5 Bartlett, C, Ghoshal, S, Beamish, P. 2009, Transnational Management (5th ed.), McGraw-Hill, New York, pp. 2

2

Hilton Worldwide: At-A-Glance. Hilton Worldwide Global Media Center. 2013. PDF File. <http://www.hiltonworldwideglobalmediacenter.com/assets/HWW/docs/brandFactSheets/BrandFacts_HW.pdf>

Even over the years as the United Nations further explicitly outlined what it means to be a

multinational enterprise, Hilton Worldwide continued to bear the title as a MNE. In

accordance with the new UN definition, the Hilton Worldwide organisation maintains “active,

coordinated management of operations located in different countries” which is further

explained in this paper6.

Culture & History

This prospering multinational hospitality company can trace its beginnings to Conrad

N. Hilton 96 years ago when he bought The Mobley in hopes of providing the best hotel

service in Texas, US. Through his hard work and commitment, he managed to set the seed

in Texas (initial headquarters for Hilton hotels) for the growth of a massive hotel empire for a

century to come7.

Over the years the Hilton family controlled the company as it grew in size. But the

company really started to expand after a change in ownership in 1996, from the Hiltons to

Stephen F. Bollenbach. It was under Bollenbach’s control that the Hilton hotel company went

through a series of fast track, revenue boosting improvements. Referring back to PESTEL,

these additions and changes to the company highlight the importance of economic factors

on the company over time. Bollenbach sought improvement for Hilton in the 1990s through

mergers and acquisitions, stock prices, and physical expansion. The Bally Entertainment

Corporation was merged with Hilton, a merger valued at $2 billion through stocks. Next,

Promus was acquired through which Hilton received another $4 billion. All in all these deals

and negotiations helped Hilton add about 350,000 rooms over a 12 year period allowing it to

6 Bartlett, C, Ghoshal, S, Beamish, P. 2009, Transnational Management (5

th ed.), McGraw-Hill, New York, pp. 3

7 “Explore our history and heritage”. Hilton Worldwide. Web. 24 November 2015.

<http://www.hiltonworldwide.com/about/history/>

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jump up to become the fourth largest hotel chain in the world, up three spots from when

Bollenbach had taken over8.

This massive expansion of the company pushed Hilton towards the top of the list in

the hotel and tourism industry. But, it was not the number one hotel group in the world yet

and all these major acquisitions had been financed through a lot of debt8. Acquiring Hilton

International in December of 2005 put Hilton’s rating down as low as possible as it was left

facing $3.7 billion in debt. Furthermore, the terrorist attacks that took place in the United

States on September 11, 2001 particularly hit Hilton hard. The attacks dropped Hilton stock

prices by 47%8. On the social front, general anxiety over travelling, especially dominant in

the United States during the early 2000s, decreased popularity for Hilton and its services.

Buyout

It is during the 2000s, 2007 to be exact, that private equity began to play a major role

in the growth and direction of Hilton Worldwide. Despite overall growth for the company in

the form of acquisitions and an increase in hotel rooms, Hilton Worldwide had yet to claim

the number one spot in the hotel industry. During the onset of economic doom in late 2007,

the largely successful private equity firm The Blackstone Group managed a last minute

leveraged buyout of Hilton for roughly $26-27 billion9. To many the timing of this enormous

acquisition began to look like a sunk cost with no opportunistic gain. The years following this

buyout turned into a global financial crisis, with some economists claiming it to be the worst

financial crisis to hit since the Great Depression in the 1930s. Due to this failing economic

environment many questioned the value of Blackstone acquiring Hilton hotels; most saw the

buyout as an added burden on the private equity firm9. Blackstone was faced with the

decision to either turn the acquisition profitable or face huge amounts of losses due to the

crisis.

Analysis & Planning of Hilton Worldwide

After acquisition, Blackstone partnered with Hilton to appoint a new President and

Chief Executive Officer10. Christopher J. Nassetta was chosen for the position by both

parties and placed with the heavy responsibility of leading the global hotel organisation into a

new and prosperous path11.

8 Phalippou, L. “Saïd Business School cases: Hilton Hotels: Real Estate Private Equity”, Saïd Business School, Oxford

University. 5 April 2014, Web. 30 November 2015. PDF File. pp. 3. <https://www.sbs.ox.ac.uk/sites/default/files/Private_Equity/Docs/ Hilton-new-watermark.pdf>

9 Wei, L, Hudson, W. “Blackstone's Inauspicious Timing: Hilton Buyout”, Wall Street Journal. 5 November 2008, Web. 30

November 2015. <http://www.wsj.com/articles/ SB122583316469798241> 10 “Hilton Hotels Corporation Opens New Global Headquarters in Fairfax County, Va.”, hopsitalitynet. 3 August 2009, Web. 2

December 2015. <http://www.hospitalitynet.org/ news/4042727.html> 11 “Hilton Hotels Corporation Appoints Christopher Nassetta as President and CEO”. Blackstone. 29 October 2007, Web. 24

November 2015. <http://www.blackstone. com/news-views/press-releases/hilton-hotels-corporation-appoints-christopher-nassetta-as-president-and-ceo>

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Another major initial change made to the management of Hilton Worldwide was to

relocate United States headquarters. Blackstone made the executive decision to shift the

organisation from west coast’s Beverly Hills, CA all the way to east coast’s McLean,

Virginia12, This change moved global management of Hilton to the Washington D.C.

metropolitan area, physically closer to Blackstone’s New York headquarters11. This transition

from a more lax west coast location in Beverly Hills to fast paced east coast in Virginia

signalled a particular shift in Hilton Worldwide’s management style. Blackstone used this

newfound location to exercise control over the global company as it prepared to lead it to

new heights of success and eventually the top of the industry.

The private equity firm decided to revamp Hilton’s technology services through which

prospects for the company really began to look up. Blackstone acquired Hilton with a

whopping $20 billion in debt, but the addition of Chief Information Officer Robert Webb in

2009 introduced major changes to international business strategies for technological

innovation within Hilton13.

Under Webb, the Hilton Worldwide Innovation Collaborative was formed. This new

plan for action called for outsourcing specific parts of Hilton’s IT infrastructure. In the words

of Webb, this new international business tactic planned to “strengthen the company's global

operations and enable growth across the entire portfolio”13.

An interview taken with Webb highlighted the main steps expected to be taken to

implement this global technological innovation. From 2010 to 2012, Webb set driven goals:

accelerating technology innovation that's aligned to our business objectives;

recruiting, upgrading, training and retaining a world class technology leadership

team; instituting select strategic partnerships to drive innovation that enables the

hotel business; establishing solid project, program and process management

disciplines for governance; and then really making certain that we have a robust

infrastructure, architecture and security set of disciplines across the company13

It is absolutely clear from these set goals that Webb had experience or at least the

knowledge to anticipate how international business strategies are implemented. His goals

touch upon building a properly educated technology team that will lead Hilton to success

globally. He understands the importance of working on managing the Hilton enterprise from

12 “Hilton Hotels Corporation Announces Plans to Relocate Global Headquarters from Beverly Hills to Washington, DC Area”.

Hilton Worldwide Global Media Center. 21 January 2011, Web. 25 November 2015. <http://hiltonworldwideglobalmediacenter. com/index.cfm/news/hilton-hotels-corporation-announces-plans-to-relocate-global-headquarters-from-beverly-hills-to-washington-dc-area>

13 Lorden, A. “Hilton's Innovation Acceleration”, Hospitality Technology. 10 June 2010, Web. 25 November 2015.

<http://hospitalitytechnology.edgl.com/news/Hilton-s-Innovation-Acceleration54840>

5

a global perspective, not just creating strategies that work for the home country of Hilton’s

headquarters.

One point Webb makes about “selecting strategic partnerships to drive innovation

that enables the hotel business” is crucial. He stresses the need to partner with global

technology providers in order to accomplish the goals he has set out for the company. Webb

realises: “With more than 3,500 hotels in 81 countries, we need suppliers who have the

necessary scope and scale; who have a presence in those countries and who can provide

us with support and services key to those markets”14. This is why Hilton Worldwide

international business strategies, especially in the technology department, became

successful due to the Blackstone acquisition. Acquiring more hotel chains meant the overall

global reach of Hilton Worldwide expanded tremendously. As stated in the beginning of this

paper, the organisation now boasts a presence in a total of 90 countries meaning partnering

with international technology firms hardly poses a problem.

In addition to completely reconstructing Hilton’s IT infrastructure, Blackstone worked

on bettering another important aspect to the company that would adhere to legal restrictions

and general public environmental concerns. Under the control of Ian Carter, President of

Global Operations and Development, Hilton Worldwide took into consideration its carbon

footprint14. As a large hoteling organisation, meaning there is always an abundance of

building and constructing and reconstructing real estate, Hilton realised they depend

extensively on earth’s resources. But in order to succeed as the top hospitality industry in the

world, the organisation had to please country environmental regulations as well as keep its

carbon footprint low for the sake of displaying an eco-friendly image to its now ever

increasingly environmentally aware customers15.

Blackstone realised this core sector of the business had to be attended to early on

after the acquisition; it became a clear path to driving up business efficiency as well as

reinstating a positive light on Hilton as a worldwide commercial real estate firm. When initial

analysis was done by sustainability consultant Blue Sky, the findings of Hilton Worldwide’s

average annual negative environmental impacts during the year 2007 were astounding16.

However, as astounding as they were, they confirmed Blackstone and Hilton’s notion that

the organisation definitely had room for improvement when it came to providing eco-friendly

services to its eco-conscious customers.

14 “Hilton Hotels Corporation Announces Global Sustainability Goals”, Hilton Worldwide Global Media Center. 4 July 2008,

Web. 26 November 2015. <http://news.hilton.com/index.cfm/ news/hilton-hotels-corporation-announces-global-sustainability- goals->

15 Dudovskiy, J. “Hilton Hotels PESTEL Analysis”, Research Methodology. 7 January 2015, Web. 22 November 2015.

<http://research-methodology.net/hilton-hotels-pestel-analysis/#Related_Articles> 16 Responsible Investment in Private Equity: Case Studies. Principles for Responsible Investments. Ed. 2, December 2009.

PDF File. pp. 22-24. <http://intranet.unpri.org/ resources/files/pe-case-studies_final-1.pdf>.

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Hilton Worldwide’s Global Environmental Waste17

6.8 million tons of CO2 equivalent to 1.7 million cars

600,000 tons of waste enough to fill 30,000 Olympic swimming pools

190 million cubic meters of water equivalent to supplying 40,000

households with water for a year

purchases of case goods such as dressers, bookshelves, and equivalent of 2,000 acres of forest cabinets, in North America alone

In order to combat this growing environmental concern, Blackstone once again tackled

international business strategies by creating another specialised management team. Just as

in the case for the Hilton’s IT infrastructure, the private equity firm chose to put together a

group of people who “understood the social and business value of implementing a

sustainability program” in the global operations department17. In charge of spearheading the

newly constructed environmental campaign was Vice President of Global Sustainability,

Christopher Corpuel18. Once again, this was not a country specific plan of action, rather a

strong, all-encompassing sustainability strategy aimed at bettering the eco-friendliness and

business efficiency of Hilton hotels all throughout the world. After all, environmental issues

did not stop for borders.

Plan of Action18

20% reduction in energy consumption from direct operations 20% reduction in CO2 emissions 20% reduction in output of waste 10% reduction in water consumption Integration of sustainability into building design, construction and operations Promoting renewable energy as a source of power for operations (not only to reduce

Hilton’s overall carbon footprint but to develop a viable commercial infrastructure for powering its buildings)

The goals set out above generously helped in cutting down on environmental waste

generated by the hotel company worldwide. After a re-evaluation of its performance (one

year after implementation of eco-friendly business strategies), Hilton Worldwide saw an

17 Responsible Investment in Private Equity: Case Studies. Principles for Responsible Investments. Ed. 2, December 2009.

PDF File. pp. 22-24. <http://intranet.unpri.org/ resources/files/pe-case-studies_final-1.pdf>. 18 “A measure of good health”, Hotel Management International. 2012. PDF File.

<http://news.hiltonworldwide.com/assets/HWW/ docs/inthenews/2012/A_measure_of_good_health.pdf>

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overall 1-3% decrease in electricity, water, and fuel use as well as roughly the same

decrease in CO2 emissions. And not only was Hilton Worldwide able to boast lowered

ecological impacts on the globe now, it also lowered about $15-20 million in costs18.

When it came to laws, the legal restrictions Hilton faced were more country specific.

In particular, the European Union definitely had a distinctive set of rules for any

organisations looking to set up tourist attractions within the region. Examples of some

restrictions that were put in place in since the late 1990s include controls on land use,

controls on bed capacity, traffic management, as well as limits to tourist numbers and overall

environmental awareness19. The controls placed on land use specifically target the issue of

land space in the EU especially in and around beach areas and coastlines. Controlling bed

space brought down the pressure of tourism on the area just as simply outlining procedures

to limit the number of tourists in the first place. Together, along with various other

legislations, the EU aimed, and continues to aim, for a decrease of tourist influx in areas

needing more environmental awareness and protection.

For these reasons Hilton Worldwide benefited from analysing its worldly ecological

impacts. Not only did the organisation have to please the general public that made up its

large customer base or the countries that it operated in, it had to bear in mind the thoughts

and views of its major clients, who, according to President Carter, had been keeping an eye

on Hilton’s contribution to global environmental issues:

...and you certainly hear it more in some geographies than in others. What we are

certainly witnessing, however, is large corporate clients really looking hard at these

metrics. When negotiating contracts or looking at holding big meetings they will take

how you perform environmentally into account20

All in all, there was a big push from more environmentally aware customers, countries, and

clients towards sustainability that the Hilton and Blackstone jointly took very seriously. The

strategies and goals set in place by Hilton under Blackstone’s guidance and leadership

undoubtedly produced tangible results that go beyond the millions of dollars saved on costs

and reductions in waste. In 2008, Hilton Vancouver in the state of Washington received two

certificates of recognition: LEED (Leader in Energy and Environmental Design) and Green

Seal21. The LEED is no small feat as it is regarded as one of the highest standards for

19 Nagle, G. Tourism, Leisure and Recreation. UK: Nelson Thornes, 1999. Web: Google Books. pp. 129 20 “A measure of good health”, Hotel Management International. 2012. PDF File.

<http://news.hiltonworldwide.com/assets/HWW/ docs/inthenews/2012/A_measure_of_good_health.pdf> 21 “Vancouver Hilton Hotel/Convention Center: 2013 Operations”. City of Vancouver. April 2014. PDF File.

<http://www.cityofvancouver.us/sites/default/files/fileattachments/downtown_ redevelopment_ authority/ page/ 2892/04_fact_sheet-_hotel-convention_center.pdf>

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environmentally friendly business practices22. Not only was this an incredible achievement

for the singular Hilton in Vancouver, it was a symbol of success for Hilton Worldwide

because the Hilton Vancouver became the first hotel in the entire world to receive both

certificates. Through its efforts to maintain an environmentally sustainable presence, the

Hilton organisation succeeded in reaching a notable milestone in hotel and tourism history23.

This paper has discussed major economic, social, technological, environmental, and

legal factors that explain the different ways the Blackstone private equity firm’s involvement

in Hilton Worldwide helped bring it to the number one service provider in the hotel and

tourism industry. A clear overview of how the multinational firm actually benefitted from going

private under The Blackstone Group can be seen by the improvement in ranks in the table

below:

“Why the Blackstone acquisition was important for Hilton”, Market Realist. Web. 26 November 2015.

<http://marketrealist.com/2014/10/why-the-blackstone-acquisition-was-important-for-hilton/>

Though Hilton hotels were obviously one of the top hotel chains in the business pre-

acquisition, the takeover by Blackstone seemed to have provided the extra push needed to

rank it all the way to the top of the industry. A combination of increasing global

environmental awareness of resource waste, revamping IT infrastructure, and appointing

22 Leed. Web. 1 December 2015. <http://www.usgbc.org/leed> 23 “A History of Firsts”, Hilton Hotels & Resorts. 2015. Web. 22 November 2015. <http://www3. hilton.com/en/about/

hilton/history/index.html>

9

international business-oriented managers and team leaders led to Hilton’s ultimate success

in standing out as the leading hotelier in the world24.

Looking to the Future

In all these years, Blackstone made major changes and implemented new

international business strategies in order to alter the way Hilton operated and functioned

globally. However, one thing that may be hard for Blackstone to control in terms of Hilton’s

management will be tourism drifts caused by political change. Recently, the United Kingdom

has claimed it will hold a European Union referendum. A possible Brexit could imply changes

to travel between other European countries and the UK. Though highly unlikely, in extreme

cases separate visas could be necessary to enter the UK. This would take a direct hit on UK

Hilton revenues as the overall number of people visiting the country would consequently

decline25. In this case, it would be interesting to see just how private equity firms deal with

this impending possible fall in revenue in Hilton hotels. Though The Blackstone Group was

able to counter most challenges the organisation faced, political changes affecting the

business environment are harder to overcome.

The PESTEL analysis is a strong outline for describing exactly how The Blackstone

Group was able to fully transform Hilton Worldwide’s hotels into a thriving success. When

Blackstone bought out Hilton at the cusp of a financial meltdown, no one had hopes for the

hotel industry. Blackstone looked like a joke for buying out a company destined to doom due

to the series of financial events that unfolded in years to come. However, Blackstone’s

commitment to transforming the hotel company with regards to the PESTEL forces that

shape the macro-environment of an organisation ended with clear positive results. It is hard

to argue the constructive and long lasting influence Blackstone’s investments in the

management of Hilton Worldwide has had during the 2000s and onward.

24 “Hilton Hotels Corporation Appoints Christopher Nassetta as President and CEO”. Blackstone. 29 October 2007, Web. 24

November 2015. <http://www.blackstone. com/news-views/press-releases/hilton-hotels-corporation-appoints-christopher-nassetta-as-president-and-ceo>

25 Dudovskiy, J. “Hilton Hotels PESTEL Analysis”, Research Methodology. 7 January 2015, Web. 22 November 2015.

<http://research-methodology.net/hilton-hotels-pestel-analysis/#Related_Articles>

10

References “A History of Firsts”, Hilton Hotels & Resorts. 2015. Web. 22 November 2015. <http://www3.

hilton.com/en/about/ hilton/history/index.html> “A measure of good health”, Hotel Management International. 2012. PDF File.

<http://news.hiltonworldwide.com/assets/HWW/docs/inthenews/2012/A_measure_of_good_health.pdf>

Bartlett, C, Ghoshal, S, Beamish, P. 2009, Transnational Management (5th ed.), McGraw-

Hill, New York, pp. 2-3

Dudovskiy, J. “Hilton Hotels PESTEL Analysis”, Research Methodology. 7 January 2015,

Web. 22 November 2015. <http://research-methodology.net/hilton-hotels-pestel-analysis/#Related_Articles>

“Explore our history and heritage”. Hilton Worldwide. Web. 24 November 2015.

<http://www.hiltonworldwide.com/about/history/> Hilton Worldwide: At-A-Glance. Hilton Worldwide Global Media Center. 2013. PDF File.

<http://www.hiltonworldwideglobalmediacenter.com/assets/HWW/docs/brandFactSheets/BrandFacts_HW.pdf>

“Hilton Hotels Corporation Announces Global Sustainability Goals”, Hilton Worldwide Global

Media Center. 4 July 2008, Web. 26 November 2015. <http://news.hilton.com/index.cfm/ news/hilton-hotels-corporation-announces-global-sustainability-goals->

“Hilton Hotels Corporation Announces Plans to Relocate Global Headquarters from Beverly

Hills to Washington, DC Area”. Hilton Worldwide Global Media Center. 21 January 2011, Web. 25 November 2015. <http://hiltonworldwideglobalmediacenter. com/index.cfm/news/hilton-hotels-corporation-announces-plans-to-relocate-global-headquarters-from-beverly-hills-to-washington-dc-area>

“Hilton Hotels Corporation Appoints Christopher Nassetta as President and CEO”.

Blackstone. 29 October 2007, Web. 24 November 2015. <http://www.blackstone. com/news-views/press-releases/hilton-hotels-corporation-appoints-christopher-nassetta-as-president-and-ceo>

“Hilton Hotels Corporation Opens New Global Headquarters in Fairfax County, Va.”,

hopsitalitynet. 3 August 2009, Web. 2 December 2015. <http://www.hospitalitynet.org/ news/4042727.html>

Hilton Worldwide Reports Third Quarter Results, Exceeds High End of Guidance and Raises

Full Year Outlook for Adjusted EBITDA. Hilton Worldwide. 2015. PDF File. <http://s1.q4cdn.com/246698567/files/doc_financials/2015/Q3-2015-Earnings-Release.pdf>

Johnson, G, Witthington, R, Scholes, K, Angwin, Duncan, Regner, P. 2014, Exploring

Strategy (10th ed.), Pearson Educated Limited, UK, pp. 34-36

Leed. Web. 1 December 2015. <http://www.usgbc.org/leed>

11

Lorden, A. “Hilton's Innovation Acceleration”, Hospitality Technology. 10 June 2010, Web. 25 November 2015. <http://hospitalitytechnology.edgl.com/news/Hilton-s-Innovation-Acceleration54840>

Nagle, G. Tourism, Leisure and Recreation. UK: Nelson Thornes, 1999. Web: Google

Books. pp. 129 McFarlane, G. “Difference between private and public equity”, Investopedia. Web. 24

November 2015. <http://www.investopedia.com/articles/investing/030415/difference-between-private-and-public-equity.asp>

Phalippou, L. “Saïd Business School cases: Hilton Hotels: Real Estate Private Equity”, Saïd

Business School, Oxford University. 5 April 2014, Web. 30 November 2015. PDF File. pp. 3. <https://www.sbs.ox.ac.uk/sites/default/files/Private_Equity/Docs/Hilton-new-watermark.pdf>

Responsible Investment in Private Equity: Case Studies. Principles for Responsible

Investments. Ed. 2, December 2009. PDF File. pp. 22-24. <http://intranet.unpri.org/ resources/files/pe-case-studies_final-1.pdf>

“Vancouver Hilton Hotel/Convention Center: 2013 Operations”. City of Vancouver. April

2014. PDF File. <http://www.cityofvancouver.us/sites/default/files/fileattachments/downtown_ redevelopment_authority/page/2892/04_fact_sheet-_hotel-convention_center.pdf>

Wei, L, Hudson, W. “Blackstone's Inauspicious Timing: Hilton Buyout”, Wall Street Journal.

5 November 2008, Web. 30 November 2015. <http://www.wsj.com/articles/

SB122583316469798241>

“Why the Blackstone acquisition was important for Hilton”, Market Realist. Web. 26

November 2015. <http://marketrealist.com/2014/10/why-the-blackstone-acquisition-was-important-for-hilton/>