Blackstone Group LP reported Thursday that its fourth-quarter profit surged 130 percent to cap a record earnings year, boosted particularly by strength in its real estate business.The property business of Blackstone, the world's largest alternative asset manager, got a massive lift from the initial public offerings of Hilton Worldwide Holdings Inc, Extended Stay America Inc and Brixmor Property Group Inc. Profit also soared in the private equity and hedge fund units of the company.Blackstone said economic net income (ENI) - a metric of its profitability that takes into account the mark-to-market valuation of its portfolio - was $1.54 billion in the fourth quarter of 2013, more than double the $670 million of a year ago.ENI in real estate surged 279 percent year-on-year in the fourth quarter, private equity was up 82 percent and hedge fund solutions were up 63 percent. Its credit business, impeded by an environment of low interest rates, bucked the trend to fall 2 percent.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 0.58% or $-0.18/share to $30.93. In the past year, the shares have traded as low as $17.63 and as high as $33.41. On average, 4237370 shares of BX exchange hands on a given day and today's volume is recorded at 5429202.
Hilton Worldwide Holdings Inc. is a hospitality company. Shares of HLT fell by 1.1% or $-0.24/share to $21.66. In the past year, the shares have traded as low as $21.15 and as high as $25.75. On average, 3506180 shares of HLT exchange hands on a given day and today's volume is recorded at 898538.
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