Business

Hilton Worldwide plans to raise $1.25B from IPO

NEW YORK — Hotel operator Hilton Worldwide Holdings Inc. plans to raise $1.25 billion from an initial public offering of its common stock.

The company did not disclose in its filing Thursday how many shares would be offered or the anticipated price range.

The company said it plans to use the offering’s net proceeds to pay back some of its debt. Any remaining funds will be used for general corporate purposes.

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For the 12 months ended in June, Hilton reported net income of $427 million and revenue of $9.4 billion.

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Hilton has 4,041 hotels, resorts, and timeshare properties. Its brands include Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, and Hampton Inn.

The McLean, Va., company began in 1919 when Conrad Hilton purchased the Mobley Hotel in Cisco, Texas. The first hotel to have the Hilton name was built in Dallas in 1925. Its franchise program was launched in 1965. Hilton was taken private by investment firm the Blackstone Group in October 2007 for $20 billion.

Hilton did not disclose what stock exchange it expects to list on or what ticker symbol it plans to use.

Associated Press