Hilton Worldwide Holdings Inc. went public on Dec. 12 in the largest-ever initial public offering by a hotel chain, raising $2.35 billion by selling 117.6 million shares at $20 each. The stock closed at $21.50 per share on its opening day of trading on the New York Stock Exchange, giving Hilton a value of $21 billion, including its $11.7 billion in debt.
The offering validated Blackstone Group L.P.’s decision to pay $26.5 billion for Hilton at the height of the private equity bubble in 2007. Blackstone did not sell any shares in Hilton’s IPO but will likely exit the investment gradually over the next three to five years.
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