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Check-in: Hilton files for IPO

September 12, 2013: 8:12 AM ET

Hotel giant preps return to public markets.

130912091050-hilton-hotel-620xaFORTUNE -- Hilton Worldwide was the last mega-buyout to be announced before the 2008 credit crunch and ensuing financial crisis. This morning it announced plans to return to the public markets.

Hilton has filed registration documents for a $1.25 billion IPO, with Deutsche Bank (DB), Goldman Sachs (GS), BoA Merrill Lynch (BAC) and Morgan Stanley (MS) listed as lead underwriters. It did not publicly disclose either a ticker symbol or on which exchange it plans to trade.

The hotel giant was taken private by The Blackstone Group (BX) in the summer of 2007 for $26 billion, at a share price that represented a 40% premium to where Hilton had been trading the day before its deal announcement. Since then it has weathered a variety of challenges -- some of its own making (lots of buyout-related debt) and some external (tourism declines, real estate meltdown, etc.).

But a cursory glance at its IPO docs suggest a strong rebound. Hilton reports $9.4 billion in revenue for the year ending June 30, 2012, compared to $8.1 billion for calendar year 2010. Net income has increased steadily over each of the past three years, while debt has declined. For example, the company reports $14.28 billion in long-term debt as of June 30, 2013, compared to $15.7 billion on June 30, 2012. Adjusted EBITDA over that same period increased from $887 million to $1.04 billion.

The entire registration document is available here.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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