Hyatt prices IPO at $25 a share
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(Reuters) — Hyatt Hotels priced its initial public offering of 38 million shares at $25 per share on Wednesday, within its expected range.
Hyatt shares will start trading Thursday under the ticker "H"
Chicago-based Hyatt had said it would sell its shares for between $23 and $26 each. The proceeds of the IPO would go to the Pritzker family, which controls the company.
If the IPO's underwriters, led by Goldman Sachs, along with Deutsche Bank Securities and J. P. Morgan Securities choose to exercise an option to buy another 5.7 million shares, those proceeds will go to Hyatt.
Hyatt's revenue for the first half of 2009 declined 18.5 percent from a year earlier, reflecting sluggish demand for hotels, especially from the corporate sector.
Two of Hyatt's rivals — Marriott International and Starwood Hotels & Resorts — have forecast revenue per available room declines of as much as 5 percent in 2010, suggesting that the U.S. hotel industry will not quickly rebound from the current recession.
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