Blackstone Group LP reported on Thursday that fourth-quarter profit surged 130 percent, capping a record earnings year and far exceeding analysts' expectations, due to strength in its real estate business.The property business of Blackstone, the world's largest alternative asset manager, got a lift from the initial public offerings of Hilton Worldwide Holdings Inc, Extended Stay America Inc and Brixmor Property Group Inc .Profit also soared in Blackstone's private equity and hedge fund units as the value of its assets rose amid red-hot capital markets and the firm cashed out on many of its investments.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.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 4.56% or $1.41/share to $32.34. 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 8731485.
Hilton Worldwide Holdings Inc. is a hospitality company. Shares of HLT traded higher by 0.05% or $0.01/share to $21.67. 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 776036.
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