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Blackstone-backed La Quinta files for IPO

24 Dec 2013

stock brokerage market share listedPrivate equity-backed hotel chain La Quinta has confidentially filed for an IPO.

The company, which is backed by Blackstone, said that it has filed under the Jumpstart Our Business Startups (JOBS) Act, which does not require it to disclose the information in the filing.

Earlier this 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.

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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