New York

Blackstone wants to offer up $4.5B La Quinta chain

Blackstone CEO Stephen Schwarzman and La Quinta Inn at <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/17-West-32-Street-New-York-NY-10001/1008340029-0" target="_blank" data-address="17%20West%2032%20Street%2C%20New%20York" data-label="17%20West%2032nd%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F17-West-32-Street-New-York-NY-10001%2F1008340029-0" data-bbl="1008340029" data-blockValue="00834" data-lotValue="0029" data-zipcode="10001" data-bldgArea="64%2C577" data-bldgDepth="99" data-bldgFront="74" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="7%2C169" data-lotFront="73.75" data-lotDepth="98.75" data-retailArea="4%2C000" data-resArea="0" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="H3" data-primaryZoning="C6-4" data-commercialOverlay="" data-far="10" data-buildable="71%2C690" data-airRights="7%2C097" data-propertyNeighborhood="Midtown%20South" data-latitude="40.7478196224296" data-longitude="-73.9865075257442" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F17-West-32-Street-New-York-NY-10001%5C%2F1008340029-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F17-West-32-Street-New-York-NY-10001%5C%2F1008340029-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">17 West 32nd Street</a>

Blackstone CEO Stephen Schwarzman and La Quinta Inn at 17 West 32nd Street

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

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New York

Blackstone wants to offer up $4.5B La Quinta chain

Blackstone CEO Stephen Schwarzman and La Quinta Inn at <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/17-West-32-Street-New-York-NY-10001/1008340029-0" target="_blank" data-address="17%20West%2032%20Street%2C%20New%20York" data-label="17%20West%2032nd%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F17-West-32-Street-New-York-NY-10001%2F1008340029-0" data-bbl="1008340029" data-blockValue="00834" data-lotValue="0029" data-zipcode="10001" data-bldgArea="64%2C577" data-bldgDepth="99" data-bldgFront="74" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="7%2C169" data-lotFront="73.75" data-lotDepth="98.75" data-retailArea="4%2C000" data-resArea="0" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="H3" data-primaryZoning="C6-4" data-commercialOverlay="" data-far="10" data-buildable="71%2C690" data-airRights="7%2C097" data-propertyNeighborhood="Midtown%20South" data-latitude="40.7478196224296" data-longitude="-73.9865075257442" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F17-West-32-Street-New-York-NY-10001%5C%2F1008340029-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F17-West-32-Street-New-York-NY-10001%5C%2F1008340029-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">17 West 32nd Street</a>

Blackstone CEO Stephen Schwarzman and La Quinta Inn at 17 West 32nd Street

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

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