NEW YORK (TheStreet) -- Hilton Worldwide Holdings (HLT) stock is dropping Wednesday after stockholder Blackstone (BX) disclosed it intention to sell shares, potentially reducing its stake to 66% from its current 76% holding.
By midday, shares had dropped 2.5% to $22.84. Trading volume of 3.6 million shares had exceeded its three-month daily average of 2.4 million.
In an S-1 filing with the SEC, the company disclosed the selling stockholder would sell 90 million shares of the stock and grant underwriters a 30-day greenshoe option to purchase up to an additional 13.5 million shares.
Hilton will receive no proceeds from the offering.
Since its IPO in December, Hilton is up 6.2%.
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