Tonight, Hilton expects to price 112.8 million shares at a range of $18 to $21 on the NYSE. Assuming the deal gets struck at the mid-point, it will be the second-largest transaction for the year, even beating out Twitter (TWTR). Hilton will also be the biggest hotel IPO in history — and will have the largest market cap of its peers.
But things weren’t always so rosy. Back in 2007, Hilton pulled off a massive $26 billion going-private transaction with the Blackstone Group (BX). Unfortunately, the timing was horrible and the hotel operator almost imploded amid the financial crisis and the deep recession.