Blackstone Pays $800 Million to Reduce Hilton Debt

Back in July 2007, Blackstone Group (BX) agreed to pay $26 billion for Hilton, the second-largest hotel operator in the U.S. The deal was the largest in the industry's history. It was also the largest equity investment Blackstone CEO Stephen Schwarzman (pictured) had made, coming to $5.6 billion.