Blackstone aims to raise $781M in La Quinta offering

Third hotel chain taken public by private equity firm in five months

TRD New York /
Mar.March 28, 2014 08:00 AM

Stephen Schwarzman’s Blackstone Group is looking to raise over $781 million by taking its mid-priced hotel chain La Quinta Holdings public.

Blackstone purchased the Irving, Texas-based La Quinta in January 2006 for around $3 billion, and company management mulled a possible sale before ultimately settling on an initial public offering, sources familiar with the matter told Bloomberg News. Roughly 30 percent of the hotel company’s shares will be floated in the IPO, and Blackstone will own just under 70 percent of the common stock, according to filing data.

La Quinta, which operates more than 800 hotels in the U.S., Canada and Mexico, is to price its shares on April 8, according to Bloomberg.

The move marks the private equity giant’s third hotel IPO in the past five months, following a filing for Hilton Worldwide Holdings in September and Extended Stay America in November. Share prices for both have jumped since their trading debuts. [Bloomberg] Julie Strickland


Related Articles

arrow_forward_ios
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
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
Stuyvesant Town (Getty)

Layoffs at Blackstone’s Stuy Town management firm

Layoffs at Blackstone’s Stuy Town management firm
Brookfield’s Bruce Flatt and Blackstone’s Jonathan Gray

Blackstone and Brookfield are going mall shopping in India

Blackstone and Brookfield are going mall shopping in India
Blackstone's Jonathan Gray and a rendering of 350 Park (Vornado, Blackstone)

Blackstone eyes new 1M sf NYC headquarters

Blackstone eyes new 1M sf NYC headquarters
arrow_forward_ios

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

Loading...