Hyatt begins trading on NY stock exchange

NEW YORK (AFP) – Leading US group Hyatt Hotels began trading on the stock exchange on Thursday, raising almost a billion dollars with its initial public offering, in the New York bourse's second largest flotation this year.In a massive show of confidence in the US and global economy as it recovers from the worst recession in decades, Hyatt said it was offering 38 million shares at 25 dollars each for a total of 950 million dollars.The Chicago-based group, which is owned 85 percent by the wealthy Pritzker family, became the 18th company to launch an IPO on the New York Stock Exchange this year."We are delighted at the success of our initial public offering and with our new partnership with the NYSE," said Mark Hoplamazian, chief executive officer of Hyatt Hotels Corporation, in a statement."Moving forward, our focus will continue to be providing authentic hospitality to our guests and driving preference for our brands."The Banco Santander, which listed on October 7, was the year's biggest flotation raising some seven billion dollars.Hyatt operates hotels in 45 countries.Its shares, trading under the symbol of "H," rose sharply in early morning trading and by 1545 GMT were up 7.72 percent to 26.93 dollars."Hyatt is a leading global brand and a welcome addition to our listed company family," said Duncan Niederauer, chief of NYSE Euronext."We look forward to a beneficial and lasting partnership with Hyatt and to providing the company and its shareholders with the highest levels of service and market quality."