(Reuters) – Hilton Worldwide Holdings Inc is in talks to buy four properties from Blackstone Group LP and others for deferring tax payments from the sale of its Waldorf Astoria hotel in New York, Bloomberg reported.
Hilton shares closed down nearly a percent at $25.99 on the New York Stock Exchange on Wednesday.
The company is planning to buy San Francisco’s Parc 55 Wyndham, two Waldorf Astoria resorts in Key West and one in Orlando, Florida, the report said, citing two people with knowledge of the talks.
Officials at Hilton were not immediately available for comment, while Blackstone declined to comment.
Hilton may pay as much as $550 million for Parc 55 Wyndham, Bloomberg reported, citing one of the two people.
The company plans to defer payment of capital-gains taxes on the sale of its flagship Waldorf Astoria by investing the proceeds in equivalent assets, the report said.
Hilton sold Waldorf Astoria, once home to Marilyn Monroe, in October to Anbang Insurance Group Co Ltd, for $1.95 billion.
Blackstone has cut its stake in Hilton to 55.31 percent from 66 percent earlier, according to Thomson Reuters data.