Wed Nov 4, 2009 7:46pm EST
NEW YORK (Reuters) - Hyatt Hotels priced its initial public offering of 38 million shares at $25 per share on Wednesday, within its expected range.
Hyatt shares will start trading on Thursday under the ticker "H" (H.N: Quote,Profile, Research, Stock Buzz) on the New York Stock Exchange.
Chicago-based Hyatt had said it would sell its shares for between $23 and $26 each. The proceeds of the $950 million IPO would go to the Pritzker family, which controls the company.
If the IPO's underwriters, led by Goldman Sachs (GS.N: Quote, Profile,Research, Stock Buzz), along with Deutsche Bank Securities (DBKGn.DE:Quote, Profile, Research, Stock Buzz) and J.P. Morgan Securities (JPM.N:Quote, Profile, Research, Stock Buzz), choose to exercise an option to buy another 5.7 million shares, those proceeds will go to Hyatt.
Hyatt's revenue for the first half of 2009 declined 18.5 percent from a year earlier, reflecting sluggish demand for hotels, especially from the corporate sector.
Two of Hyatt's rivals -- Marriott International (MAR.N: Quote, Profile,Research, Stock Buzz) and Starwood Hotels & Resorts (HOT.N: Quote,Profile, Research, Stock Buzz) -- have forecast declines in revenue per available room of as much as 5 percent in 2010, suggesting that the U.S. hotel industry will not quickly rebound from the current recession.
(Reporting by Deepa Seetharaman; Editing by Steve Orlofsky)
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