Blackstone on Tuesday bought Hilton Hotels Corporation for $26bn (£12.8bn), giving the private equity company the biggest hotel group in the world by number of properties.

The deal, at $47.50 a share, represents a 31.7 per cent premium on last night’s closing price of $36.05 and a 40 per cent premium on Hilton’s price at the start of trading yesterday. It is the biggest deal in the hotel sector.