Hilton Worldwide Holdings, which was taken private by the Blackstone Group in 2007, has filed plans for an initial public offering of up to $1.25 billion, the Wall Street Journal reported on Thursday.

According to a filing with the U.S. Securities and Exchange Commission, the global hospitality chain will mainly use the proceeds from the IPO to pay off outstanding debt.

The move is a result of Blackstone’s attempts to capitalize on a resurgent commercial real estate market, according to the Journal. Hilton's revenue for the first six months of the year climbed 2.7 percent to $4.64 billion from a year earlier, while profits spiked 66 percent to $189 million, the Journal reported. 

McLean, Va.-based Hilton owns 10 hospitality brands such as the Waldorf Astoria, and owns and operates more than 4,000 hotels in 90 countries, according to the SEC filing. And, Blackstone’s acquisition of Hilton for $26 billion, in 2007, was the largest ever of a hotel company, according to Bloomberg.