Dec. 2 (UPI) -- Hilton Worldwide Holdings Inc. revealed Monday plans to raise close to $2.4 billion in its initial public offering, one of the biggest stock sales of the year and the highest offering ever for a hotel chain.
This is up from a previous IPO estimate in September of $1.25 billion, when it initially filed to go public. The company aims to price between $18 and $21 per share. And if the company raises its maximum amount, it will be the second largest IPO of the year behind energy company Plains GP Holdings.
Hilton will be selling 64.1 million shares, and the Blackstone Group is to sell 48.7 million. Hilton was bought by Blackstone in 2007 for $26 billion. Hilton owns more than 4,000 properties in 90 countries and territories. Brands include Waldorf Astoria, Hampton Inn and DoubleTree.
While the brand has seen rough times during the recession, earnings have rebounded with the rise of commercial real estate. Hilton's revenue for the first nine months of 2013 rose 1.7 percent to $2.98 billion from the prior year, and profits spiked 34 percent to $389 million.
Real estate IPOs have been the busiest since 2004, according to Bloomberg. In October, the Empire State Building's owning company raised more than $1 billion in its IPO.
[Wall Street Journal]