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Shareholders associated with the Blackstone Group are set to launch a massive secondary offering of Hilton Worldwide Holdings stock, the hotel company said Monday, with at least 90 million shares in play.
According to the world's largest publicly traded hotel chain, the underwriters will have a 30-day option to buy up to an additional 13.5 million shares from those selling the stock. Hilton itself "is not offering any shares of common stock in the offering, and will not receive any proceeds from the sale of shares in this offering," the company said.
The sale will be made available only by prospectus, with Deutsche Bank, Goldman Sachs, Bank of America-Merrill Lynch and Morgan Stanley acting as underwriters and joint book-running managers for the offering, Hilton said.
Last month, Hilton agreed to sell New York's Waldorf Astoria Hotel to Chinese insurer Anbang Insurance Group for nearly $2 billion, ending nearly 40 years of Hilton's ownership of the 83-year old Art Deco property.