Hilton Worldwide has raised $2.34 billion during an initial public offering in the United States.

The world’s largest hotel operator, backed by private equity and real estate firm Blackstone Group, sold 117.6 million shares at $20.

They had offered 112.8 million shares at an expected range of $18 to $21.

The Blackstone funds that bought Hilton are not selling any shares in the offering.

Hilton Worldwide shares will begin trading on the New York Stock Exchange on Thursday under the ticker symbol HLT.

Blackstone took Hilton private in 2007 for $26.7 billion, including debt, in one of the largest leveraged buyouts before the 2008 global financial crisis.

The IPO gives Blackstone an equity valuation of $19.7 billion.

Hyatt Hotels Corp raised about $950 million in 2009 in what was then the largest hotel IPO.

Another Blackstone-backed hotel company, Extended Stay America, raised about $565 million in November.