NEW YORK CITY-The Blackstone Group LP has retained JP Morgan Chase & Co. to study the merits of a possible sale or initial public offering of the Irving, TX-based La Quinta hotel chain that is reportedly valued at $4.5 billion.
La Quinta operates approximately 800 moderately priced facilities across the country. Blackstone acquired the hotel chain for $2.3 billion plus debt in 2006.
In July, Blackstone filed plans to sell shares in its Extended Stay America hotel operator, which has an equity value between $3 billion and $4 billion, according to the Wall Street Journal. Also last month, Blackstone and partners filed plans to sell shares in retail shopping center owner the Brixmor Property Group.
In addition, hotel analysts expect Blackstone to file plans for an initial public offering of Hilton Worldwide, which it acquired in 2007 for more than $18 billion, plus more than $7 billion in assumed debt. See story in the Wall Street Journal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
