NEWS| Hyatt files for IPO, intends to raise up to $1.15 bn

Global hospitality company Hyatt Hotels today said it plans to raise up to $1.15 billion through an initial public offer and would use part of the proceeds to acquire and invest in new properties.

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"We intend to use the net proceeds from this offering for working capital and other general corporate purposes. We may also use a portion of the net proceeds to acquire or invest in new properties or other businesses that complement our business," Hyatt said in a filing.

As of June 30, 2009, its worldwide portfolio consisted of 413 Hyatt-branded properties (with 1,19,509 rooms and units) in 45 countries.

For the year ended December 31, 2008, Hyatt's revenues totaled $3.8 billion, while net income totaled $168 million.

Revenues for the first six months of 2009 totaled $1.6 billion. Its net loss for the January-June 2009 period stood at $36 million and it had a total debt of $612 million for the period.



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