Business Travel Show Europe is the place where
September 2022, Virtual
September 29 2022, Virtual
Share sale to raise further S127.3m
Hyatt Hotels Corporation, one of the biggest chains in America, has raised $950m from the sale of 38m shares in an IPO (initial public offering).
The company, which has been privately owned since 1982, has also announced it is planning to sell a further 5.7m shares at $25 each to raise $127.3m.
The IPO was the second biggest on the New York Stock Exchange this year.
Mark Hoplamazian, Hyatt's ceo, said: "We are delighted at the success of our initial public offering and with our new partnership with the NYSE.
"Moving forward, our focus will continue to be providing authentic hospitality to our guests and driving preference for our brands."
In a statement announcing the proposed sale of the second group of shares, Hyatt said it intended to use the net proceeds "for working capital and other general corporate purposes."
Hyatt has 413 hotels with about 120,000 rooms.
Its brands include Hyatt, Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency, Hyatt Place and Hyatt Summerfield Suites.