Blackstone's Hilton Worldwide sets terms for $2.2 billion IPO

Hilton Worldwide, which owns and franchises a portfolio of 4,080 hotels worldwide, announced terms for its IPO on Monday. The McLean, VA-based company plans to raise $2.2 billion by offering 112.8 million shares (43% insider) at a price range of $18 to $21. At the midpoint of the proposed range, Hilton Worldwide would command a fully diluted market value of $19.2 billion.

Hilton Worldwide, which was founded in 1919 and booked $9.4 billion in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol HLT. Deutsche Bank, Goldman Sachs, BofA Merrill Lynch, Morgan Stanley, J.P. Morgan and Wells Fargo Securities are the joint bookrunners on the deal.