Chicago-based Hyatt Hotels Corp. announced on August 5th that it has filed a registration statement with the U.S. Securities and Exchange Commission for an initial public stock offering. The privately held company is owned by Chicago’s Pritzker family, which has about an 85 percent stake in the corporation.
Hyatt has valued the offering at $1.15 billion, according to Reuters, which would make it the IPO with the third-highest value currently in the IPO process in United States. No date has been given for the IPO, and the number of shares and price range for the offering have not yet been determined. A copy of the registration statement and accompanying documents can be found on the SEC’s Web site at www.sec.gov.
The registration statement filed with the SEC says that the company plans to list the Class A common stock on the New York Stock Exchange under the symbol “H” and that it would use the proceeds from the offering to buy or invest in new properties. The filed documents also include an employment letter for Mark Hoplamazian, Hyatt’s CEO, who would lead the new, public company, according to USA Today.
The company, which changed its name from Global Hyatt Corp. in July, has suffered in the plummeting economy. From January to June 2009, Hyatt reported a loss of $356 million, compared to a profit of $173 million in the same period the year before, according to the Associated Press.
Hyatt Hotels Corp. runs 413 properties under the Hyatt, Park Hyatt, Grand Hyatt, Hyatt Regency, Andaz, Hyatt Place, and Hyatt Summerfield Suites brands.