IRVING, TX-La Quinta Holdings Inc., headquartered here, said it had confidentially submitted a draft registration statement on Form S-1 to the SEC for an IPO of common stock. The move follows the successful public debuts of two other lodging companies under the umbrella of the Blackstone Group, Hilton Worldwide and Extended Stay America.
Bloomberg reported that La Quinta made the filing under the Jumpstart Our Business Startups, or JOBS Act, which allows companies with less than $1 billion in revenue to keep applications confidential until shortly before the offering is promoted. La Quinta said the number of shares of common stock to be sold and the price range for the proposed offering has not yet been determined.
La Quinta operates more than 800 midprice, limited-service hotels with about 80,000 rooms in the US, Canada and Mexico. Its IPO is expected to commence after the SEC completes its review process, subject to market and other conditions.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
