Blackstone-backed hotel company La Quinta eyes $780m through IPO


hotel roomPrivate equity-backed hotel chain La Quinta has revealed it hopes to raise up to $780m through an IPO.

The company, which was bought by Blackstone in a $3.4bn take-private deal in 2006, initially filed to list on the public markets in December last year.

No target was given at that point, but a new document filed with the US securities regulator shows the company intends to sell 37.2 million shares at between $18 and $21 each.

La Quinta would have a market capitalisation of about $2.57bn at the top of that range.

Last year it was reported that Blackstone was looking to sell La Quinta for as much as $4.5bn and that the company had attracted interest from Choice Hotels International and private equity firms.

Blackstone was later said to be leaning towards floating the company instead of selling it.

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