Hotel giant Hilton Worldwide has officially filed forms to return to the stock market.
The company’s private equity owner Blackstone wants to raise up to $1.25 billion through the flotation in the US, although Blackstone will remain in control of the hotel group.
The move by Hilton to launch an IPO (initial public offering) was expected following a series of reports in the financial press last month.
In documents filed with the Securities and Exchange Commission in the US, Hilton says that it will use the money raised to reduce its debts.
Blackstone has reduced Hilton’s total debt from $21.2 billion in 2008 to $15.1 billion this year.
Hilton Worldwide, which has 4,401 hotels in its portfolio, made total revenues of $9.4 billion for the year ending June 30, 2013, with an operating profit of $1.26 billion.
The company's brands include Waldorf Astoria, Conrad, Doubletree by Hilton, Hilton Garden Inn, Hampton Inn and Homewood Suites.
hiltonworldwide.com