Hilton Worldwide Holdings Inc. (NYSE: HLT)

Hilton operates over 7,500 properties across 126 countries under 22 brands including Hilton, Conrad, Waldorf Astoria, DoubleTree, Hampton, and Hilton Garden Inn. The Hilton Honors loyalty program has over 180 million members. Conrad Hilton bought his first hotel in Cisco, Texas in 1919. Blackstone took Hilton private for $26 billion in 2007 (the largest hotel LBO ever) and brought it public again in 2013.

Like Marriott, Hilton is primarily a management and franchise company u2014 over 99% of rooms are managed or franchised. Revenue comes from management and franchise fees, plus owned hotel operations. The asset-light model generates high margins and strong free cash flow. Hilton Honors drives direct bookings. Annual revenue exceeds $10 billion. The company has been growing its pipeline aggressively, with 3,000+ hotels in development.

Conrad Hilton bought his first hotel in 1919. The Hilton brand became synonymous with luxury travel in the mid-20th century. Blackstone's $26 billion LBO in 2007 was initially considered terrible timing (right before the financial crisis) but ultimately became one of the most profitable private equity deals ever u2014 Blackstone made over $14 billion in profit. IPO in December 2013 at $20 per share. Chris Nassetta has been CEO since 2007.