The bond will be split between a $1.25 billion eight-year non-call three year first-lien senior secured note and a $2 billion senior note that will include an eight-year non-call five tranche and a 10-year non-call three tranche.
Bank of America Merrill Lynch will be left lead. Deutsche Bank, Goldman Sachs, Morgan Stanley, JP Morgan and Wells Fargo are joint bookrunners.
The roadshow for the deal will begin on Thursday, with pricing scheduled for early to mid next week.
Hilton, which is backed by Blackstone Group LP, filed for an initial public offering on Sept 12. Blackstone took Hilton private in 2007 in a $26.7 billion deal, one of the largest leveraged buyouts that preceded the 2008 global financial crisis.
Natalie Harrison is deputy editor, credit for IFR in New York