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Hyatt Hotels priced its initial public offering of 38 million shares at $25 per share on Wednesday, within its expected range.
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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
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], along with Deutsche Bank Securities and J.P. Morgan Securities[JPM
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], 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 [MAR
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] and Starwood Hotels & Resorts [HOT
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]- have forecast declines in revenue per available room 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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