The Hilton hotel chain plans to offer 130 million shares in an initial public offering (IPO) that aims to raise as much as $2.7 billion, a filing with the US Securities and Exchange Commission said Monday.
Hilton was expected to offer the shares at $18 to $21 each and use the proceeds to help pay down its debt. The IPO would bring about 13 per cent of the company to the market.
It would be the largest IPO ever for a hotel chain and the third largest in the United States this year.
The hotel giant was founded in 1919 by Conrad Hilton and now has more than 4,000 hotels in 90 countries.
Private equity firm Blackstone Group LP has owned the Hilton chain — which also includes other brands, including the luxury Waldorf Astoria hotels — since 2007.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.