Hyatt checks-in for an IPO

Hyatt is certainly massive. The portfolio consists of 413 Hyatt-branded properties, with 119,509 rooms and units. There are four main brands: Park Hyatt, Grand Hyatt, Hyatt Regency and Hyatt. There is also the newer concept, Andaz.

To create a strong customer experience, there is extensive training. What's more, each property is managed on an independent basis. All in all, it allows for creativity and innovation. For example, Hyatt created the first large-scale atrium lobby. Oh, and the company even has a 24/7 Twitter page at @hyattconcierge.

Hyatt's revenues are a blend of fees from hotel operations, franchise payments and even sales of vacation properties. Last year, these added up to $3.8 billion and net income came to $168 million. However, the recession has certainly had a negative impact. For the first half of 2009, revenues were $1.6 billion and there was a loss of $36 million.

Yet, the equity markets have perked up lately -- and this should be good for a public offering. Also, it's extremely difficult raising debt capital, despite the thawing in the markets.

Finally, the Pritzker is in the midst of a complicated estate-planning process. So, with the proceeds of the of IPO, there should be less pressure on Hyatt's finances.

The lead underwriter on the deal is Goldman Sachs (NYSE: GS) and the proposed ticker is "H."

Tom Taulli is the author of various books, including The IPO Primer and The Complete M&A Handbook.