MCLEAN, VA-Hilton Worldwide Holdings Inc. onMonday filed for what will be the largest hotel IPO ever, offeringapproximately 112.8 million shares at up to $21 each. The secondlodging IPO this year from the Blackstone Group,the stock issue could raise as much as $2.4 billion, or $2.7billion if the underwriters exercise their overallotmentoptions.

In Monday's SEC filing, Hilton notes that under CEOChristopher Nassetta, hired after Blackstone tookthe company private in 2007, it has “transformed” its business,“creating a globally aligned organization and establishing aperformance-driven culture.” As part of the transformation underBlackstone ownership, the company has focused on both top- andbottom-line operating performance, “strengthening and expanding ourbrands and commercial services platform, and enhancing our growthrate, particularly in markets outside the US where our brandshistorically had been underrepresented.”

Among other achievements, between June 2007 and Sept. 30 of thisyear Hilton added 176,248 keys for a 36% increase in the number ofopen rooms in its system, “the highest growth rate of any majorlodging company,” according to the SEC filing. It also has 185,699keys in development, “over 99% of which are within ourhigher-margin, 'capital light' management and franchisesegment.”