- Posted at 10:11, December 02, 2013
- By Russ Bleemer
Blackstone Group is taking its six-year-old Hilton Worldwide Holdings Inc. chain public for what will be the largest-ever IPO for a hotel company, Bloomberg is reporting.
The McLean, Va-based hotel owner and operator plans to sell 112.8 million shares for $18 to $21 each, according to a filing it made with the U.S. Securities and Exchange Commission this morning, according to the article.
That's a $2.4 billion offering that Bloomberg says will aid Blackstone in paying back back $1.25 billion in restructured debt is has taken on in the wake of its 2007 purchase. The article says that the public offering comes after Hilton refinanced about $13 billion of debt.
The big numbers accompany Hilton's massive real estate footprint. Bloomberg says it is the world’s largest hotel company with more than 4,000 properties, including franchises, and with 1,069 properties in development. The article says 78% of its rooms are in the U.S., but the company has grown significantly and has strong growth prospects oversees.