Hilton Worldwide plans to raise up to $2.37 billion this month in the biggest-ever hotel initial public offering.
Hilton is expected to sell about 11.5 percent of its shares in the IPO, giving the company a value of up to $32.5 billion, including debt, Reuters reports.
The IPO would more than double the investment from Blackstone Group, which took Hilton private in 2007 for $26.7 billion, including debt, according to Reuters.
Blackstone's 76.2 percent stake after the IPO would be worth up to $15.7 billion, after investing about $6.4 billion in total.
"The Blackstone Group has timed the Hilton IPO at the perfect market inflection points of increasing global consumer travel demand, daily room rates, and occupancy," Christopher Muller, a professor at Boston University's School of Hospitality Administration, told Reuters.
To date, the largest hotel IPO was in 2009 when Hyatt Hotels raised about $950 million.
Hilton is expected to price 112.8 million shares at between $18 and $21 per share, giving the hotelier an equity value of $20.7 billion.
Hilton operates in 90 countries, with 10 brands, more than 4,000 hotels and more than 650,000 hotel rooms in its portfolio.