In an economy that keeps squeezing the travel industry, Chicago's wealthy Pritzker family today kick-started long-anticipated plans to take its Hyatt Hotels empire public.
Hyatt - one of the world's largest hotel companies - launched the process by filing a detail-rich registration statement and other documents with the U.S. Securities and Exchange Commission.
According to Reuters, Hyatt intends to raise up to $1.15 billion through the offering, which would make it the third-largest IPO in the USA's pipeline. Hyatt plans to use the proceeds to buy or invest in new properties or other complimentary businesses, its SEC registration form says. Among the documents Hyatt filed with the SEC is an employment letter for Mark Hoplamazian, Hyatt's current CEO (and Hotel Check-In's guest blogger back in May) who would lead the new, public entity.
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Source - USATODAY
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