Hilton Reportedly Boosting IPO Amount To $2.25bn
Published on Nov 22 2013 2:13 PM in Hotel
The Hilton Hotel Group may nearly double its planned initial public offering to $2.25 billion, Bloomberg News reports, so preferred shareholders can sell $1 billion worth of stock.
Hilton said in September it planned to raise $1.25 billion in a public offering. Hilton will set a price per share for its IPO in the first week of December, Bloomberg says, with the stock hitting the market later next month.
At $2.25 billion, the Hilton IPO would be larger than Twitter's $2.1 billion IPO earlier this month and the largest public offering ever for a hotel.
McLean-based Hilton was acquired by private equity firm Blackstone Group for $26 billion in 2007. Blackstone will retain a majority stake in the company once it goes public.
Hilton has added 170,000 rooms since 2007, a 34% increase, and has another 176,000 in development. The hotel chain had $9.2 billion in revenue last year.
The largest ever IPO was the Agricultural Bank of China ($22.1 billion) in 2010.