Blackstone to take La Quinta hotel chain public

TRD New York /
Nov.November 25, 2013 04:24 PM

Instead of the selling the La Quinta national hotel chain — valued at $4.5 billion — the Blackstone Group has opted for an initial public offering.

Blackstone, one of the largest property owners in the U.S., expects to see higher returns via the IPO, especially after Extended Stay America rose by 20 percent in gains after its IPO earlier this month.

In August, Blackstone was strongly considering selling California-based La Quinta. It enlisted JPMorgan Chase and Morgan Stanley to advise it on the pros and cons of a private sale. But given their other, recent successes, which include the record-setting IPO for retail real estate investment trust Brixmor, Blackstone has gone the public offering route again, Bloomberg News reported, citing unnamed sources.

There are La Quinta inns at 17 West 32nd Street in Manhattan and 37-18 Queens Boulevard in Long Island City, Queens.

Another hotel asset of Blackstone’s, Hilton Worldwide Holdings, is set for a $2.25 billion IPO at the start of next month, as previously reported. [Bloomberg News]Mark Maurer


Related Articles

arrow_forward_ios
Blackstone's Jonathan Gray, Madison Realty Capital's Josh Zegen (Getty; Madison; iStock)

Property debt investors raising money but still looking for distress

Property debt investors raising money but still looking for distress
Blackstone Group president Jonathan Gray (Getty)

Blackstone makes $1.2B deal with Brookfield for self-storage company

Blackstone makes $1.2B deal with Brookfield for self-storage company
Consumers are using streaming services more than ever, and data center real estate is booming (iStock)

Real estate for data centers is having a moment

Real estate for data centers is having a moment
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone buys Roku’s Silicon Valley office buildings

Blackstone buys Roku’s Silicon Valley office buildings
Blackstone’s Kathleen McCarthy with 440 Saw Mill River Road, Ardsley, New York and 1000 Gateway Boulevard in San Francisco, California (left) (Blackstone; BioMed Realty)

Blackstone bets big on life-science buildings with $14.6B deal

Blackstone bets big on life-science buildings with $14.6B deal
The Real Deal plunged into FEC filings and created a searchable table with the biggest contributors in the industry (iStock)

See where real estate is writing checks with TRD’s political donations tool

See where real estate is writing checks with TRD’s political donations tool
Blackstone Real Estate Debt Strategies' Jonathan Pollack (Blackstone; iStock)

Blackstone assembles biggest real estate debt fund ever

Blackstone assembles biggest real estate debt fund ever
From left: Joe Biden, Starwood Capital's Barry Sternlicht, Blackstone's Stephen Schwarzman and Donald Trump (Getty; iStock)

Where real estate’s investment giants stand on Biden vs. Trump

Where real estate’s investment giants stand on Biden vs. Trump
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...