Hilton Hotels Corp. and the Blackstone Group have closed on a previously announced $26-billion merger that gives Blackstone the keys to one of the world's largest hotel chains, with 2,896 properties and 490,000 rooms.

The deal takes publicly held Hilton private, giving holders of the company's common stock $47.50 per share in cash, with Hilton's shares to cease trading on the New York Stock Exchange at the close of market today.

Blackstone has said that it foresees “no significant divestitures" in connection with the Hilton transaction. The company views Hilton as “an important strategic investment” that it plans to grow.

Blackstone senior managing director Jon Gray commented: “This transaction is about building the premier global hospitality business.”

The acquisition is a collaboration between Blackstone’s real estate and corporate private equity funds.