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DALLAS-For the second time in less than three months, the Blackstone Group has declared plans to acquire another Dallas-based hotelier. This time, its sights are set on La Quinta Corp. and La Quinta Properties Inc., leveling a $3.4-billion offer for the hotel group.

La Quinta’s board of directors yesterday unanimously approved the buyout. A shareholders’ vote has yet to be set on a proposal for $11.25 per share in cash.La Quinta will hold a special conference call this morning to discuss the takeover by the New York City-based Blackstone, which bought Wyndham International Inc. in mid-August for $3.24 billion, picked off prized properties to form LXR Luxury Resorts and then sold the Wyndham brand to Cendant Corp. for $100 million in mid-September. “We believe this transaction is beneficial to our stockholders and will build on the accomplishments we have achieved over the last five years,” Francis W. Cash, chairman and CEO of La Quinta, says in a press release issued early this morning.

As would be expected, the conference call will hold many answers for the buyout. GlobeSt.com will have updated information at noon. The offer on the table is $2.81 per share higher than yesterday’s close on the New York Stock Exchange. The deal, if approved, will close in the first quarter. The closing, though, isn’t contingent up any financing from Blackstone, according to La Quinta’s announcement. The chain currently flies five brand flags on 360 hotels and 240 franchises in 39 states. La Quinta has been focused on converting its last year’s acquisition, the Baymont Inns & Suites brand, and building its franchise network.

Morgan Stanley is La Quinta’s financial adviser and Goodwin Procter is its legal adviser. Bear Stearns, Deutsche Bank and Merrill Lynch are Blackstone’s advisers; Simpson Thatcher & Bartlett is its legal adviser. Acquisition financing is being provided by Bank of America, Bear Stearns and Merrill Lynch.

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