Hilton Worldwide is planning an initial public offering of up to $1.25 billion

The hotel chain plans to use proceeds from the offering to pay down debt, according to a regulatory filing.

The number of shares to be offered and the price range for the proposed offering have not yet been determined

New York-based Blackstone will own a majority of the voting power in Hilton following the IPO.

Deutsche Bank Securities Inc., Goldman, Sachs & Co., BofA Merrill Lynch, and Morgan Stanley & Co. LLC are acting as the joint book-running managers for the offering.

Hilton Worldwide has about 4,000 hotels, resorts and timeshare properties, comprising 665,667 rooms in 90 countries and territories