With the hotel sector red hot, the Global Hyatt Corp. is looking at an initial public offering, reports the Chicago Tribune. Occupancies and room rates continue to rise, and forecasters say demand will grow faster than the industry’s historical average through 2007.

And that means hotel companies are being hunted and seduced by private equity ompanies or ripe for takeovers. The Pritzker family has rolled its holdings into one structure which is ready for prime time as a publicly-traded company.

“The general mood of the industry is euphoric right now,” PricewaterhouseCoopers hospitality and leisure consultant Scott Berman tells the paper. “It’s a function of very strong operating conditions, limited new supply and generally strong global economies.”

And as Business Press reported last night, there is plenty of activity still on the Riviera where shareholders are pressing for a much better deal than the original offer, which treated the North end resort as if it were a property in need of severe rehab. And we can expect plenty more maneuvering around Aztar as at least three companies struggle to win the last big property at the south end of the Strip.