MCLEAN, VA-Locally-based Hilton Worldwide has selected four banks to help it manage a public offering that will allow Blackstone Group to take advantage of a resurgent real estate market and keen investor interest in IPOs.
Hilton has retained Deutsche Bank AG, Goldman Sachs Group Inc., Bank of America Corp.'s Bank of AmericaMerrill Lynch and Morgan Stanley as the chief underwriters for the much anticipated IPO, according to people familiar with the hirings.
Blackstone Group LP acquired Hilton Worldwide in 2007 for more than $18 billion and $7 billion in assumed debt in the largest private-equity buyout in the hotel sector, according to the Wall Street Journal.
In preparation for the IPO, the banks are expected to assist Hilton with refinancing approximately $13 billion in debt. See story in the Wall Street Journal.
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