Dec. 02–NEW YORK — 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 dollars, a filing with the US Securities and Exchange Commission said Monday.
Hilton was expected to offer the shares at 18 to 21 dollars 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.
