(RTTNews) - Hyatt Hotels Corp. (H: News ) said that in connection with the company's initial public offering the underwriters have exercised in full their option to purchase 5.7 million shares of Class A common stock from the company at the initial public offering price of $25.00 per share. Hyatt expects to receive net proceeds of approximately $127.3 million from the sale of the shares, after deducting the underwriting discount and estimated offering expenses payable by the company.

Hyatt plans to use the net proceeds primarily for working capital and other general corporate purposes. The option to purchase additional shares was granted in connection with the company's initial public offering of 38 million shares of Class A common stock to be sold by certain existing stockholders of the company.

Click here to receive FREE breaking news email alerts for Hyatt Hotels Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com