Global hotelier Hyatt Hotels Corp is seeking to raise up to $1.15 billion in an initial public offering, according to a regulatory filing on Wednesday.
The filing did not specify the number of shares to be offered or an expected date for the offering, which is the third largest prospective IPO in the U.S. pipeline.
The company said it intends to use the deal's proceeds to acquire or invest in new properties or other businesses but specified that no specific deals were being considered.
The underwriters of the deal are Deutsche Bank Securities, Goldman Sachs & Co and J.P. Morgan, according to Hyatt's filing with the Securities and Exchange Commission.
For the year ended Dec. 31, 2008, Hyatt's revenues came to $3.8 billion, with net income from Hyatt Hotels reaching $168 million.
But for the six months ended June 30, revenues totaled $1.6 billion, with a net loss of $36 million attributable to Hyatt Hotels Corporation, according to the filing.
As of June 30, Hyatt's portfolio consists of 413 Hyatt-branded properties. The company was founded by Jay Pritzker in 1957.
(Reporting by Deepa Seetharaman and Phil Wahba; Editing Bernard Orr)