Hilton Worldwide (HLT) Stock Continues to Drop After Pricing Offering

NEW YORK (TheStreet) -- Shares of Hilton Worldwide (HLT) were falling 2.6% to $24.60 Tuesday after the hotel operator announced pricing for a public offering of shares sold by Blackstone (BX) .

Te company priced the 90 million share public offering from the investment firm at $25 a share. The underwriters of the offering have a 30-day option to purchase an additional 13.5 million shares of common stock from Blackstone.

Hilton will not receive any proceeds from the offering, and no company officers or directors sold any shares beneficially owned by them in the offering.

Prior to the offering. Blackstone owned a 66% stake in Hilton, and will maintain a majority stake following the offering, according to FactSet.

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HLT Chart HLT data by YCharts

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