Blackstone Investors Set to See First Cash From Hilton IPO
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Blackstone Group LP is planning its first sale of Hilton Worldwide Holdings Inc. shares, a step toward returning some cash to the buyout firm’s investors after the biggest initial public offering of a U.S. hotel company.
Hilton registered to sell 90 million shares on Blackstone’s behalf, according to a filing today from the McLean, Virginia-based hotel operator. The world’s largest lodging company by market value has climbed 17 percent since raising $2.35 billion in its Dec. 11 IPO. The underwriters will be allowed to buy another 13.5 million shares if they sell the initial amount.