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Hilton raises $2.35bn from share sale

Hilton Worldwide confirmed raising $2.35 billion from a share sale in the second-largest listing in the US this year.

The company sold 117.6 million shares at $20 each, the upper end of the $18-$21 range it had set when it announced the sale.

Hilton has said it will use the money raised through its offering on the New York Stock Exchange to pay down debt.

The share sale marks Hilton’s return to a public listing after being acquired by private equity giant Blackstone Group in 2007.

Blackstone bought the hotel giant for $26.7 billion in October 2007, taking it private in one of largest buyouts before the global financial crisis.

Hotel room rates and occupancy levels have been rising and are expected to rise further in the coming months.

That has helped Hilton generate good investor interest in its share offering. The firm sold 5 million shares more than it had initially said it would, the BBC reported.

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