New item on the menu

Chicago, Aug. 1 (Reuters): The privately-held Hyatt hotel chain is being prepared for a public offering or for expansion as early as next year, the Chicago Tribune reported on Saturday, citing a company document.

Such moves would cap a process launched in March 2003 when the Chicago-based business, owned by the Pritzker family, announced a restructuring that brought domestic and international operations under one umbrella, the Tribune said.

The ‘Global Hyatt’ initiative was aimed at improving the quality and consistency of Hyatt products and preparing for growth, though the company at the time said it had no near-term plans for an initial public offering of shares, according to the newspaper.

But a confidential company document designed to recruit a top executive and obtained by the Tribune offers more specifics and new information, the newspaper said.

“The restructuring ... is expected to improve the company’s stance for an initial public offering of shares,” the newspaper quoted the document as saying.

“The plan is to have the appropriate organisational structure in place by the end of 2004 to enable the organisation ... to react exponentially to market-expanding opportunities, such as an IPO or possible acquisition(s),” the document said.

Hyatt representatives were not immediately available for comment on the report.

The Hyatt has 210 hotels and resorts worldwide.