Hilton Readies for Biggest Hotel IPO
Hilton Worldwide expects to raise as much as $2.37 billion in its initial public offering, according to a filing with the Security Exchange Commission this week, a figure that would be one of the year's biggest IPOs and the largest ever for a hotel company. According to the filing, almost 113 million shares will be available on the New York Stock Exchange, at an initial price between $18 and $21 per share. If demand dictates that extra shares are sold, the IPO could raise as much as $2.7 billion, according to the filing. The Blackstone Group, which bought Hilton in 2007 for $26 billion and took the company private, intends to hold about 76 percent of the shares after the public spinoff. According to Bloomberg News, the IPO price is scheduled to be set on Dec. 12 after the close of trading. Hilton Worldwide has 10 brands in its portfolio, for a total of about 672,000 rooms globally.