The Blackstone Group LP (Symbol: BX) is about to become the world’s largest hotel owner. On July 3rd, it was announced that Hilton Hotels Corp (Symbol: HLT) agreed to an all-cash buyout.

In the deal, valued at $26 billion, Blackstone will purchase all of Hilton’s outstanding shares for $47.50 each. On a shortened trading day Tuesday, Hilton’s stock closed at $36.05 per share—up $2.18 on the day.

Blackstone’s stock nudged up slightly to $29.72—a 45-cent increase on the news.

If Hilton shareholders approve the all-cash deal, it will close in the fourth quarter of this year. Given the significant premium, it’s expected to gain approval.

Currently, Blackstone owns more than 100,000 hotel rooms in the United States and Europe. Once the deal closes Blackstone will own or operate more than 580,000 hotel rooms in 76 countries and territories.