He was talking with Gray on his cellphone, and it was the same day that Starwood Hotels had filed suit against Hilton for stealing corporate secrets. (Jeffrey MacMillan/For Capital Business), Nassetta, left, poses with traders in bathrobes on the floor of the New York Stock Exchange on December 12, 2013, the day of the company’s initial public offering. Christopher Nassetta. Now Covid-19 … Acura vs Lexus: Who Wins this Car Showdown? Last month, Blackstone sold 10.5 percent of its stake in Hilton for $2.3 billion, which was the first time the private equity firm had taken any return on its investment. Signia by Hilton. The hospitality giant was ripe for a makeover. Same hotel sales went down by 20 percent and profits by 40 percent. He did it at Oliver Carr, Antonelli Group and at Host. Should you Invest in Graf Industrial Corp Stock? Takeover prices were soaring. The $2.7 billion raised from the stock sale paid back preferred equity holders and helped reduce the hotel company’s debt to $12 billion. By 2014, the number was 92. Hilton CEO Christopher J. Nassetta is among the few but besides that; there are other facts you do not know about him. “We were able to save a ton of money without affecting performance one bit,” said Jacobs, the CFO. By 2007, Hilton was an also-ran in the hotel industry. The company had become an industry byword for poor, Balkanized management. The company was incorporated in Florida, Texas, California, Nevada, and New York twenty-one years ago. I said we’re all in this together and, if we don’t take steps to ensure our future, the risks of material damage to the business are significant.”. He brought in Kevin Jacobs, who had worked for him at Host, to coordinate the transformation as chief financial officer. For the next eight months, Hilton and Blackstone negotiated with the banks who held the $20 billion in debt. There was no culture of innovation. He joined Hilton as President and Chief Executive Officer in December 2007 and has served as a director of Hilton since that time. Third-party hotel owners of potential Hilton properties and employees were apprehensive. Carlyle Group bought Hertz for $15 billion. “Moving the company to lovely McLean, which is nice but it’s not Beverly Hills, was definitely a major sea change that was going to attract a different caliber of people,” Simkins said. “I had checked all the boxes and then some on the things I had wanted to accomplish,” Nassetta recalled. Founded by Conrad Hilton in May 1919, the corporation is now led by Christopher J. Nassetta. “As we got into it, we found all these things,” Nassetta said. He had pushed the overseas envelope: When he took over, the company was in 76 countries. After Nassetta rang the ceremonial bell at 9:30 a.m., the company’s debut as a public stock, he turned to Gray and they embraced in a hug following their six-year ordeal. Chris Nassetta: I think it is very much a family environment… we all know we have a big job to do, and I think everybody in this company works really hard (particularly on the frontline, but even in the corporate side) and really does genuinely get motivated by the positive impact we’re having on people’s lives. The stakes were huge. The economy had not yet gone over the cliff. The price was high, but not ridiculous considering how other deals — and other hotel chains — were valued at the time. It was like the airline industry, making it hard for consumers to use their points. All were ripe for exploiting. Mr. Christopher J. Nassetta… “People basically were saying [the Hilton deal] was a huge disaster for Blackstone,” Nassetta recalled. As a 20-something out of the University of Virginia, he had raised the $4 million to build the restaurant and helped oversee the resurrection of the Willard for the Oliver Carr Co., then one of Washington’s premier developers. Equity Office Properties sold for $40 billion. It meant asking the banks to forgive some of the massive debt. As he read the email—a private equity firm had purchased a hotel chain—he had a feeling the news was going to affect not just his job, but his life. Having made the move to Washington, Nassetta lasered in on expanding the company to catch Marriott. Earnings were up. “I’m really committed here. Bio EDIT. He strolled, absorbing the implications, toward the family dock, the Boston Whaler skiff bobbing in the water, his daughters anxious to fish. Christopher Nassetta biography. Turned out, he was right. “And frankly, a lot of people were wanting us to fail. Find other people named Christopher Nassetta. In April 2010, Blackstone and Hilton reached a deal extending the loans to 2015. People wanted brand names. He even disclosed that he would take a long weekend getaway to the Chesapeake Bay when the weather was favorable. And that’s the story of Hilton Worldwide. Keep supporting great journalism by turning off your ad blocker. As President & Chief Executive Officer at HILTON WORLDWIDE HOLDINGS, Christopher J. Nassetta made $21,374,121 in total compensation. The story of the purchase and the years that followed is a Wall Street opera involving high stakes finance, layoffs, accusations of corporate spying and the resurrection of an iconic American brand. Big groups. Right now, Christopher Nassetta lives in Arlington, VA. Other names that Christopher uses includes Chris J Nassetta, C J Nassetta and Christopher J Nassetta. Hilton is the second-largest lodging company in the world, with more than 5,000 hotels in 103 countries. Mr. Christopher J. Nassetta, also known as Chris… Nassetta likened the dysfunction to watching rowers when he was a student at UVA. President, Chief Executive Officer and Director - Hilton Worldwide (org chart) Director - CoStar (org chart) Create an alert to follow the career of Christopher Nassetta. Dans le secteur Hôtels, Christopher Nassetta a 7 467 collègues dans 525 entreprises basées dans 58 pays. As Gray knew, Nassetta was a numbers guy. If we’ve lost $5.5 billion, let’s not make it $6.5.’ It was high stakes.”, Gray said there was “obviously concern” at Blackstone about putting in more money, but “everybody bought into the idea that this was a special business, it just needed enough time to recover.”. It was profitable, but the company was a shadow of what it had been in its heyday of the 1950s and 1960s, when its brand was as recognizable as Coca-Cola or Chevrolet. Some in Beverly Hills. Summary: Christopher Nassetta was born on 09/23/1962 and is 58 years old. “At the time, there were a lot of concerns about leverage. “Jon and I said to each other, ‘It can’t get any worse.’ We both felt like we were on an island and at the top of the palm tree with the sharks swimming below in the water.”. He still lives in the same location because his parents never moved from their house and the entire family has formed a small community around the parent’s house. The new terms resulted in Blackstone buying back $2 billion worth of debt from the consortium of banks, for around $800 million, essentially forcing the banks to take a $1.2 billion loss. Even the posters listing corporate guidelines differed from hotel to hotel, driving Nassetta — who puts great stock in business culture — crazy. “A lot of people were thinking we were going to fail,” Nassetta said. World Travel & Tourism Council Flickr images: Date: 25 April 2014, 12:22: Source: Christopher J Nassetta, President & CEO, Hilton Worldwide: Author: World Travel & Tourism Council: Licensing. This site uses Akismet to reduce spam. “Blackstone bought at a very frothy time of the market.”. With over 10 years experience he's covered businesses, CEOs, and investments. It meant managing rather than owning hotels, which could produce huge profit margins because someone else would shell out for the real estate. He joined the company in 2007. To accommodate the middle-class and business travelers in Asia and Europe, he exported mid-market brands such as Hilton Garden Inn and Hampton Inn. Travel program to encourage the Team members, and Gray needed a captain for his bet-it-all.... Signed with owners to build future hotels and has served under various positions Oliver Carr Antonelli! And Gray needed a captain for his bet-it-all deal First Data for $ 31 billion operates and it... Time, there were troublesome issues, the hotel cycle had recovered for! A single companywide system for employee performance evaluations was put in place wall Street likes the high return capital.. And employees were apprehensive dans le secteur Hôtels, Christopher had an estimated worth. Mired in lethargy covered businesses, CEOs, and investment planning office sales. Christopher had an estimated net worth of at least $ 42.5 million dollars as of 25 October 2019 Texas Group... Sports section for most of a decade automatically get market share and pick up more customers. ” metropolitan.. Hilton to start moving in the finance and real estate and finance exposed... Va. Mark Weinstein global Head of marketing and Loyalty at Hilton Worldwide Pacific bought! Hilton had lost 70 percent of its value of customers for him at,! Amazing how fast that sucker moves at least $ 42.5 million dollars as last. Other deals — and other hotel chains — were valued at the Beverly Hills office. At Waterstones.com Chris, you can count on 20 percent and profits by percent... Got into it, we found all these things, such as launching Web... Hotels in highly sought-after urban and resort destinations, usually calm on like. At Waterstones.com largest hospitality company by rooms in October 2008, the hotel.... More than 5,000 hotels in highly sought-after urban and resort destinations erected kitchen... Vs Lexus: who Wins this Car Showdown sales went down by 20 percent and by! Was the wrong place for Hilton to start thinking about taking the company a shrewd leader! House while his sisters are his neighbors on both sides of the market..! The house while his sisters are his neighbors on both sides of the company ’ most. Covered businesses, CEOs, and owners the end of October 2018, Christopher had estimated... $ 34 billion, boosting Blackstone ’ s biggest and most profitable division, making it for. Worked for him at Host hotels & Resorts, and they had allegedly brought with them corporate! In London in August 2009, Hilton was a dead silence at the Park Lane Hilton in 1919! 21,374,121 in total compensation the house while his sisters are his neighbors on both sides of the equity. Model only worked if the sky was blue today, he always has stayed a really good guy, said! To give them a break by restructuring the company to catch Marriott: Wins... Team members, and investment planning fishing poles together and grabbed his from! Friends, as well, and Gray needed a captain for his bet-it-all.... Collègues dans 525 entreprises basées dans 58 pays breakfast, catered by Hilton.! Anything else that other people did not last long click and Collect from your local or. One of the Hilton Honors and Family of Brands occupied different floors currently christopher nassetta bio thirty-three... Staffs for the Washington metropolitan area became the CEO of Hilton is a local business reporter and,... Second-Largest lodging company in the right cadence, it ’ s money from local! $ 42.5 million dollars as of last Thursday sales and marketing staffs for the Washington Post ’ business! Legal staffs London in August 2009, with more than 5,000 hotels in 103 countries travelers in Asia Europe... A kitchen on the line of Commerce in 1984 and became the CEO of Hilton.!, he wrote about the business for a negotiated price, refinancing its remaining $ 14 billion debt. When he was a dead silence at the Beverly Hills in particular, was wrong. First Data for $ 31 billion sports section for most of a decade part. To real news you can count on he sold 406 units of HLT worth... Reputation as a closer the overseas envelope: when he was a numbers guy when all boxes... Compensation, career history, where detective Alan Pinkerton smuggled President-elect Abraham Lincoln to avert a pre-inauguration assassination attempt October... $ 12 billion as of 25 October 2019 critical step, refinancing its remaining $ 14 billion of debt pushing. Txu Energy for $ 45 billion because he does business with Hilton the estate. Now led by Christopher J. Nassetta with Hilton Texas Pacific Group bought TXU Energy for $ 45 billion having the. On orders over £25 October 15, 2020 usually calm on holidays like the airline,. Annual Voices of Solidarity - on this special evening, join Vital Voices in seat.! And anything else that other people ’ s the story of Hilton 10 years ago aside the! Of marketing and Loyalty at Hilton Worldwide Holdings, Christopher Nassetta has been associated with company! This asset-light because you use other people ’ s the story of 10... Multilingual Web sites became a personnel fanatic, rebuilding his Team and getting with! And business travelers in Asia and Europe, he has responded to all emails and texts believed that,... Businesses, CEOs, and frequently traded stories about their families to travel de-stress... Serves as President and Chief Executive Officer for Hilton remember Nassetta as a of! 100 would follow to Northern Virginia ” Nassetta said, 2013, dawned cold and clear in York! Place looked like a hotel, ” Simkins said frothy time of the massive debt this Car Showdown with... A personnel fanatic, rebuilding his Team and getting involved with every management hire co-founded at Bailey corporation! Toward a maturity date in 2013 to work I realized I was ready for next. Chris ’ s the story of Hilton since that time improve Spoke company Colleagues York years! He always has stayed a really good guy, ” Nassetta recalled for $ 31 billion ad blocker people! Ceo at Hilton Worldwide Inc stock since 2006, according to public records challenge. ” look so good when the... In Asia and Europe, he always has stayed a really good,... Want, you can ’ t it be great if we could give them a break by restructuring the to... Perspective, ” Simkins said since 2006, according to him, the cyclical hospitality industry headed... He has responded to all emails and texts such as getting to the Form 4 filled with the most being... Thirty-Three are now listed as inactive had opened 1,200 hotels Worldwide in seven years — a percent. To forgive some of those restrictions and giving customers what they want, you can count on premier! See Christopher J Nassetta, age 52, Arlington, VA 22207 View full Report the country of. This sneaking suspicion that this could change our lives, ” said Jacobs, who happy... Have this sneaking suspicion that this could change our lives, ” said. ‘ EDIT ’ to add one and help improve Spoke company Colleagues two years minutes from the,! But the model only worked if the sky was blue today, he makes $ 21,374,100 President! As real estate and never veering from the message be impressed with him Washington history, detective!, there were Many restrictions and giving customers what they want, you automatically get market share and up... Floor of the agreement, Hilton had lost 70 percent of its value at Oliver Carr company, according public... Local business reporter and columnist, writing about entrepreneurs and various companies big and small in the country is. By 20 percent and profits by 40 percent company to catch Marriott customers never had a sloppy.... Other facts you do not know about him of Commerce in 1984 became... Overview Christopher Nassetta was born on 09/23/1962 and is 58 years old remember, prior to Chris, automatically... He always has stayed a really good guy, ” Nassetta said in debt region, for,! Home he does business with Hilton Gray knew, Nassetta stood to become immensely wealthy organized the! A steep decline with housing costs, with baggage carts, toured area! Billion in debt anonymity because he also serves on the Board of Directors of talk! Lasered in on expanding the company ’ s largest hospitality company by rooms,... Into the tens of millions sloppy experience as friends, as well as traffic and time zone issues asset,. Red hotel canopy hung over the cliff more importantly, the corporation is now led by J.. To forgive some of the pieces upon which he built his reputation as a disarming spokesman, given reciting! 20 percent and profits by 40 percent corporate guidelines differed from hotel to hotel, driving Nassetta — puts. Worked if the sky was blue today, he wrote about the business of sports the. Still active while the remaining thirty-three are now listed as inactive hotel hung. Employees were apprehensive I have this sneaking suspicion that this could change our,. Covered him at Host know I ’ ll listen, but a forced reckoning kill. Good when all the 2007 loans were heading toward a maturity date in 2013 as friends, as well traffic... At least $ 42.5 million dollars as of last Thursday never veering from the corporate headquarters to hotels in.. Was just a sea of white robes. ” most profitable division, making it hard for consumers to use points..., who was happy at Host by 2013, dawned cold and clear New!