Despite widespread speculation that the Hyatt hotel chain — owned by the influential Pritzker family of Chicago — may go public as part of the family’s plans to split up its $15 billion empire, Hyatt chief Thomas Pritzker insists there are no immediate plans to do so.
However, he told the Chicago Tribune that "we cannot foreclose on our options in the future."
Plans to take the Chicago-based hotel chain public were reportedly part of a confidential financial settlement among family members that was expected to unfold over the next decade.
The decision to split up the empire came after several unhappy cousins threatened a lawsuit last year, according to The Wall Street Journal. The split would pare the Hyatt down to a smaller core business run by three cousins who have been most involved in day-to-day operations: Thomas, 52, Nicholas, 57, and Penny Pritzker, 43. In the process, eight other adult cousins could receive individual sums of $1 billion or more, the WSJ reports.
The arrangement could also mean that many of the Pritzkers’ industrial businesses will be sold, along with the family’s 25% share of Royal Caribbean Cruises Ltd. and the TransUnion credit bureau.
There are currently 207 Hyatt Hotels and Resorts around the world. Hyatt Corp. and its affiliates also manage, franchise or operate 123 hotels and resorts in the U.S., Canada and the Caribbean.