Hilton Worldwide Holdings Inc., once seen as a black mark on Blackstone Group LP’s record in real estate, is poised to generate one of the two biggest private-equity profits of all time.
Blackstone stands to make a paper profit of more than $8 billion in the McLean, Virginia-based hotel operator’s initial public offering, scheduled for Wednesday. That would be second only to the $10.1 billion of gains that Apollo Global Management LLC has had from its 2008 investment in chemicals producer LyondellBasell Industries NV, according to data compiled by Bloomberg. Hilton would become No. 1 if the shares rise more than $1 above the high end of the proposed price range.
