Business News

Nov 5, 2009, 16:48 GMT

Hyatt raises nearly 1 billion dollars in stock offering

New York - International hotel chain Hyatt raised nearly 1 billion dollars Thursday in what was the third-largest initial public offering of stock on US markets this year. The Hyatt group is controlled by the Pritzker family, one of the richest in the United States, which will continue to hold a 60-per- cent stake in the chain. The IPO took in 950 million dollars, Hyatt said as markets opened in New York. A total of 38 million shares were offered at a price of 25 dollars. The proposed sale of 5.7 million further shares could bring the total to 1.1 billion dollars. Hyatt shares rose more than 8 per cent over the initial price in morning trading to 27 dollars per share. Hyatt, the third-largest publicly traded US hotel chain, reported losses in the first nine months of the year as the recession cut into business and leisure spending.

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