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Hyatt Hotels Prices IPO at $25 Per Share

Published: Wednesday, 4 Nov 2009 | 9:01 PM ET

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By: 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 on Thursday under the ticker "H" on the New York Stock Exchange.

Chicago-based Hyatt had said it would sell its shares for between $23 and $26 each. The proceeds of the $950 million IPO would go to the Pritzker family, which controls the company.

If the IPO's underwriters, led by Goldman Sachs[AMR Loading... () ], along with Deutsche Bank Securities and J.P. Morgan Securities[JPM Loading... () ], 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.