Blackstone Group (BX)-owned Hilton Worldwide boosted the potential size of its IPO, which could gross as much as $2.7 billion, setting it up to be this years second-biggest after Plains GP Holdings (PAGP) $2.8 billion offering. Hilton and investors plan to sell 112.8 million shares for $18-$21 each, putting the high end of proceeds at about $2.37 billion. The sale of extra shares to meet higher demand could push the total to $2.7 billion. Hiltons prior view was for $1.25 billion. The IPO would also be the largest ever for a hotel, topping Hyatt Hotels (H) $1.09 billion offering in November 2009. Hilton will trade on the NYSE under the ticker symbol HLT, becoming the latest in a string of debuts in a hot IPO market. Twitters (TWTR) $1.8 billion IPO last month was the second-largest Internet IPO ever after Facebook (FB). Hilton is the worlds largest hotel chain with more than 4,000 properties globally, ahead of Starwood Hotels & Resorts Worldwide (HOT), Marriott International (MAR) and Wyndham Worldwide (WYN). Blackstone, which bought Hilton for $26 billion in October 2007, doesnt plan to sell shares and would still hold a 76.2% stake valued at $14.6 billion — more than triple the $6.4 billion in equity and subsequent investments it made in the hotel. Hyatt shares eased fractionally in morning trading on the stock market today. Starwood and Marriott were trading higher. Jenny Rodriguez
Posted on: Mon, 02 Dec 2013 19:08:52 +0000
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