????2008年，希爾頓酒店（Hilton Worldwide）宣布了信貸危機和隨后的金融風暴發生前最后一項巨額收購交易。上周，這家公司又表示，它正在計劃重返股市。

????希爾頓已經提交了注冊文件，首發上市規模為12.5億美元，主承銷商包括德意志銀行（Deutsche Bank）、高盛（Goldman Sachs）、美銀美林（BoA Merrill Lynch）和摩根士丹利（Morgan Stanley）。希爾頓沒有公開披露它的證券代碼，也沒有說明計劃在哪家證券交易所掛牌。

????2007年夏天，黑石集團（Blackstone Group）斥資260億美元（約合1600億元人民幣）對這家酒店巨擘實施了私有化。和宣布私有化之前希爾頓的平均股價相比，私有化價格具有40%的溢價。此后，希爾頓經歷了一系列困難——有些和公司本身有關（大量與收購有關的債務），有些則是外部因素（旅游業滑坡，房地產市場暴跌等）。

????但初看上去，希爾頓的首發申請文件表明情況有了明顯好轉。在截至2012年6月30日的財年中，希爾頓實現收入94億美元（579.04億元人民幣），高于2010財年的81億美元（498.96億元人民幣）。三年來，這家公司的凈利潤穩步增長，而負債已經下降。舉例來說，截至2013年6月30日，希爾頓披露的長期債務為142.8億美元（879.65億元人民幣），而一年前這個數字還高達157億美元（967.12億元人民幣）。在這期間，它調整后息稅折舊攤銷前利潤已從8.87億美元（54.64億元人民幣）增至10.4億美元（64.06億元人民幣）。（財富中文網）

????譯者：Charlie

????

????Hilton Worldwide was the last mega-buyout to be announced before the 2008 credit crunch and ensuing financial crisis. This morning it announced plans to return to the public markets.

????Hilton has filed registration documents for a $1.25 billion IPO, with Deutsche Bank (DB), Goldman Sachs (GS), BoA Merrill Lynch (BAC) and Morgan Stanley (MS) listed as lead underwriters. It did not publicly disclose either a ticker symbol or on which exchange it plans to trade.

????The hotel giant was taken private by The Blackstone Group (BX) in the summer of 2007 for $26 billion, at a share price that represented a 40% premium to where Hilton had been trading the day before its deal announcement. Since then it has weathered a variety of challenges -- some of its own making (lots of buyout-related debt) and some external (tourism declines, real estate meltdown, etc.).

????But a cursory glance at its IPO docs suggest a strong rebound. Hilton reports $9.4 billion in revenue for the year ending June 30, 2012, compared to $8.1 billion for calendar year 2010. Net income has increased steadily over each of the past three years, while debt has declined. For example, the company reports $14.28 billion in long-term debt as of June 30, 2013, compared to $15.7 billion on June 30, 2012. Adjusted EBITDA over that same period increased from $887 million to $1.04 billion.