The Chicago-based Pritzker family, owners of the Hyatt Hotel Corporation, yesterday took the first step to taking the 52-year-old company public when it filed a registration statement for an Initial Public Offering with SEC in the US.
It is hoped the move will raise up to $1.15 billion to bolster the corporation's finances and fund new property investments, according to the statement. Hyatt's current non-family CEO Mark Hoplamazin will lead the new public company.
Hyatt Hotels is 85% owned by the Pritzker family. The other 15% was sold in 2007 to affiliates of Goldman Sachs and Madrone Capital for $1 billion. The number of shares and the price at which they will be offered has yet to be announced.
Hyatt was founded in 1957 by Jay Pritzker when he bought his first motel near Los Angeles airport. The business grew from there into one of the world's largest hotel companies. After Jay's death family succession was fraught with problems (Click here to read our coverage of the family's troubles) but the family disagreements were eventually settled in 2005 and Jay's son Thomas Pritzker now heads the company.
Want to get the latest family business news direct to your desktop?