UPDATE 1-Pyramid Hotels & Resorts files for $275 mln IPO
* Pyramid Hotels & Resorts files for $275 mln IPO
* Pyramid to list on NYSE under symbol "PYR"
NEW YORK Dec 7 (Reuters) - Luxury hotelier Pyramid Hotels & Resorts Inc on Monday filed for an initial public offering that it hopes will raise $275 million.
The Massachusetts-based company, which acquires and invests in luxury and top-end hotels, currently manages 52 hotels including nine spas and 18 golf courses in the United States, according to a filing with the U.S. Securities and Exchange Commission.
The company did not disclose the terms of the offering but said it would use its share of the proceeds to invest in hotels and for general business purposes. Pyramid Hotels, which said it expects to qualify as a real estate investment trust (REIT), said it has not yet identified specific hotels to acquire.
At the same time it makes its initial public offering, Pyramid Hotels plans to offer private placements to its executives for the same price as the public offering.
The company, which was formed in November 2009, said it has no operating history and did not provide revenue or income figures. It said in a regulatory filing it has total cash assets worth $1,000.
Pyramid Hotels Chairman and Chief Executive Richard Kelleher co-founded Beacon Hotel Corp and then served as president and chief executive of Doubletree Corp after it acquired Beacon. He left his position as president and chief operating officer of Promus Hotel Corp in 1998, after it acquired Doubletree.
Pyramid Hotels plans to list on the New York Stock Exchange under the symbol "PYR".
Underwriters on the deal are UBS Investment Bank and Citi. (Reporting by Clare Baldwin; Editing by Steve Orlofsky)
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