Hotel operator Hilton files for $1.25bn IPO
New York, September 12, 2013
Hotel operator Hilton Worldwide, backed by Blackstone Group, filed for an initial public offering of up to $1.25 billion.
Reuters reported last month that the private equity group was preparing to bring one of the largest leveraged buyouts back to the stock market.
Blackstone took Hilton private in 2007 in a $26.7 billion deal, which was one of the largest leveraged buyouts that preceded the 2008 global financial crisis.
Founded in 1919 by Conrad Hilton, Hilton Worldwide's brands include Conrad, Waldorf Astoria, Doubletree, Embassy Suites, Homewood Suites, Home2Suites, Hilton Garden Inn, Hampton Inn, and Hilton Grand Vacations.
Hilton Worldwide has about 4,041 hotels, resorts and timeshare properties, comprising 665,667 rooms in 90 countries and territories. Out of these, Hilton owns or lease interests in 157 hotels.
Deutsche Bank, Goldman Sachs, BofA Merrill Lynch and Morgan Stanley are the lead underwriters on the offering, Hilton said in a filing with the Securities and Exchange Commission on Thursday.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.-Reuters
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