Goldman Earns Most in Hilton IPO With More Than Fees

Goldman Sachs Group Inc. isn’t the lead underwriter on Hilton Worldwide Holdings Inc.’s initial public offering. The investment bank still stands to reap more than any other firm handling the largest-ever hotel IPO.

Goldman Sachs will generate more than $117 million in proceeds from the $2.35 billion deal as a stakeholder and lender, based on a description of the bank’s holding in the sale’s prospectus and Hilton’s statement on the final terms. That’s on top of fees as an underwriter of the deal.