Nov 25 Blackstone Group LP is eyeing an
IPO for La Quinta Inns & Suites rather than a sale of the hotel
chain, according to a source familiar with the process.
Blackstone believes La Quinta can attract a higher valuation
in the public markets, the source said. Blackstone, the largest
publicly listed alternative asset manager, earlier this month
saw shares of its Extended Stay America hotel chain soar 19
percent in their first day of trading following an IPO.
Bloomberg reported the La Quinta news earlier on Monday.
Reuters reported earlier that Blackstone was seeking as much
as $4.5 billion for the La Quinta chain in an auction that
attracted interest from hospitality holding companies such as
Choice Hotels International Inc as well as private
Blackstone took La Quinta private in 2006 in a $3.4 billion
With more than 550 hotels in 39 states, La Quinta is one of
the largest owners and operators of budget hotels in the United