Blackstone is exploring options for a debt restructuring of Hilton as part of plans to realise value at the company.

The private equity house is looking at options to alter Hilton�??s capital structure, such as a debt-for-equity swap, ahead of debt repayment deadlines in four years�?? time.

Blackstone bought Hilton in July 2007 at the height of the leveraged buy-out boom . The deal was financed with $20.6bn of debt and $5.7bn of equity.

Since the acquisition, Blackstone is believed to have written down the value of its holding, estimated at $1.45bn, by close to 50 per cent.