Hilton Worldwide filed an amended S-1, which set the proposed ticker as “HLT.” The company plans to list on the NYSE, and the deal is expected to come onto the market in late December. The underwriters include Deutsche Bank (DB), Goldman Sachs (GS), BofA Merrill Lynch (BAC) and Morgan Stanley (MS).
The IPO will be a big achievement for its owner, The Blackstone Group (BX). The firm took HLT private in a $26 billion transaction in 2007. However, because of the financial crisis and brutal recession, BX had to engage in tough cost cutting as well as restructuring of the debt.
Another key to the turnaround was to focus more on franchising — the company has other brands like Waldorf Astoria and Embassy Suites — which tends to be light on capital. BX also brought in a new CEO, Christopher Nassetta, and a variety of senior executives. Read