Blackstone wants to offer up $4.5B La Quinta chain
New York-based Blackstone Group, one of the country’s biggest property owners, is gearing up to sell the $4.5 billion-valued La Quinta hotel chain, the Wall Street Journal reported.
A boost in tourism and business travel is attracting more investors to the hotel industry. Blackstone tapped JPMorgan Chase and Morgan Stanley to advise it on both a private sale and a public offering of the California-based chain. There are La Quinta inns at 17 West 32nd Street in Manhattan and 37-18 Queens Boulevard in Long Island City, Queens.
Last month, Blackstone filed plans to sell shares in its operator of Extended Stay America and shopping-mall owner Brixmor Property Group, the newspaper reported. The companies are valued at $4 billion and $13 billion, respectively.
Also in July, Blackstone set up a subsidiary, B2R Finance LP, to offer loans of $10 million or more to landlords looking to grow their single-family rental portfolios, as previously reported. [WSJ] – Mark Maurer