Blackstone believes that the company will attract a high valuation in the public markets, said Reuters, citing a source familiar with the process.
Earlier this year it was reported that Blackstone was looking to sell La Quinta for as much as $4.5bn and that the comp any had attracted interest from Choice Hotels International a private equity firms.
La Quinta, which currently operates 830 hotels, was acquired by Blackstone in a $3.4bn take-private deal in 2006.
Last month another hotel chain backed by Blackstone, Extended Stay, was floated on the New York Stock Exchange.
Extended Stay filed for Chapter 11 bankruptcy protection in June 2009 after struggling to refinance the $7.6bn of debt it was saddled with through the $8bn buyout by Lightstone Group two years earlier.
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