(Adds details on stake sale, background)
May 18 (Reuters) - Private equity firm Blackstone Group LP has decided to exit Hilton Worldwide Holdings Inc by selling its about 5.8 percent stake or 15.8 million shares, the hotel chain operator said on Friday.
The sale would generate about $1.32 billion, based on Hilton's Thursday close at $83.30.
Hilton said it will not receive any proceeds from the sale and would repurchase about 1.3 million shares from the selling shareholders affiliated to Blackstone.
Blackstone has been gradually shedding its stake since 2014 after taking the company public in December 2013.
In June and November 2014, Blackstone raised $2.33 billion and $2.59 billion, respectively, from stock sales that progressively reduced the Hilton stake.
In 2015, Blackstone cut its stake to below 50 percent in a $2.69 billion stock sale. It taken Hilton private in a $26 billion leveraged buyout in 2007.
Last month, HNA Group Co Ltd, the heavily indebted aviation-to-financials conglomerate, sold its $6.3 billion stake in Hilton as parts of its plan to shed assets and tackle a cash crunch.
(Reporting by Arunima Banerjee and Ankit Ajmera in Bengaluru; Editing by Arun Koyyur)