Hyatt Hotels says Abu Dhabi's biggest sovereign wealth fund has bought up more than 10 per cent of the hotelier's common stock.
The Chicago-based hotel chain made the disclosure in a regulatory filing Monday with the U.S. Securities and Exchange Commission. Abu Dhabi Investment Authority spokesman Euart Glendinning confirmed the purchase. He says the fund intends to remain a minority shareholder.
Financial terms were not disclosed.
The filing says ADIA bought 10.9 per cent of Hyatt's Class-A common shares. Its overall stake in the company is considerably lower, however, because the Pritzker family holds a majority of other stocks known as Class-B shares that give it control of the company's board.