Check-in: Hilton files for IPO

Sep 12, 2013

FORTUNE -- Hilton Worldwide was the last mega-buyout to be announced before the 2008 credit crunch and ensuing financial crisis. This morning it announced plans to return to the public markets.

Hilton has filed registration documents for a $1.25 billion IPO, with Deutsche Bank (db), Goldman Sachs (gs), BoA Merrill Lynch (bac) and Morgan Stanley (ms) listed as lead underwriters. It did not publicly disclose either a ticker symbol or on which exchange it plans to trade.

The hotel giant was taken private by The Blackstone Group (bx) in the summer of 2007 for $26 billion, at a share price that represented a 40% premium to where Hilton had been trading the day before its deal announcement. Since then it has weathered a variety of challenges -- some of its own making (lots of buyout-related debt) and some external (tourism declines, real estate meltdown, etc.).

But a cursory glance at its IPO docs suggest a strong rebound. Hilton reports $9.4 billion in revenue for the year ending June 30, 2012, compared to $8.1 billion for calendar year 2010. Net income has increased steadily over each of the past three years, while debt has declined. For example, the company reports $14.28 billion in long-term debt as of June 30, 2013, compared to $15.7 billion on June 30, 2012. Adjusted EBITDA over that same period increased from $887 million to $1.04 billion.

The entire registration document is available here.

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