Abu Dhabi fund buys stake in Hyatt Hotels
Hyatt Hotels says Abu Dhabi's biggest sovereign wealth fund has bought up more than 10 per cent of the hotelier's common stock.business Updated: Dec 15, 2009 16:03 IST
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.