Blackstone to buy Hilton Hotels Corp.

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The private equity company, Blackstone, agreed it will pay $47.50 per share of HLT as part of the deal. The announcement came after the 1 p.m. close of the New York Stock Exchange on Tuesday.

Blackstone, which raised $4.1 billion in an IPO late last month, said it intends to invest in the Hilton properties and brands globally to grow the business.

Meanwhile, hotel heiress Paris Hilton was sunning on the beach in Maui this week after her 23-day stay in the Century Regional Detention Center in Lynwood, Calif. Hilton arrived back in Los Angeles today.

The hotel industry's stock in considered cyclical and is expected to continue its upward momentum in the near future. Hilton had a 2006 huge revenue and net income increases.

Hilton's brands include Hilton, Conrad Hotels & Resorts, Doubletree, Embassy Suites, Hampton Inn, Hilton Garden Inn, Hilton Grand Vacations, Homewood Suites by Hilton, and The Waldorf-Astoria Collection.

Look for another jump in Hilton stock on Thursday morning when traders return from the holiday.

Paris Hilton returns