Hyatt shares jump in debut on NYSE
Written on November 6, 2009
Shares of Hyatt Hotels Corp rose almost 8 percent in their debut on the New York Stock Exchange on Thursday, alongside an upswing in the broader market.
In early trading, Hyatt shares were up 7.9 percent to $26.97.
The initial public offering of Chicago-based Hyatt priced at $25 a share Wednesday, within the expected range. The sale of the 38 million shares will go straight to the Pritzker family, which controls the company payday loan with savings account.
Hyatt has nine times the cash of its rival Marriott International Inc and 11 times that of Starwood Hotels & Resorts Worldwide Inc.
(Reporting by Deepa Seetharaman, editing by Gerald E. McCormick)
Filed in: business.