(MENAFN - AFP) Hilton Worldwide Holdings, the hotel operator owned by global investment giant Blackstone, said Thursday it plans to raise 1.25 billion from an initial public offering.
Hilton filed for an IPO of its common stock with the Securities and Exchange Commission.
The McLean, Virginia-based company, which operates 4,000 hotels in 90 countries, said in a statement the number of shares to be offered and their price range had not yet been determined.
A person close to the matter told AFP in August that The Blackstone Group planned to put 15-20 percent of Hilton on the market, in the first half of 2014.
On Thursday the person said the IPO had been scaled back, without indicating by how much.
Hilton is Blackstone's biggest real estate asset. The New York-based firm bought Hilton in 2007 for 25 billion, including 7 billion in debt, the world's biggest takeover in the hotel sector.
Blackstone's decision to return Hilton to the stock market came after several attempts to sell the company.
The Hilton acquisition has proved thorny for Blackstone, which had to negotiate a debt reduction with Hilton creditors and take a 6 billion depreciation charge on its investment.
Hilton still has about 13 billion in debt.
The hotels company operates a range of brands around the world, including luxury chain Waldorf Astoria, Hilton Hotels & Resorts, Doubletree and Embassy Suites Hotels.
Shares in Blackstone fell 1.0 percent to 19.84 in late-morning trade on the New York Stock Exchange.