Blackstone Group LP is eyeing an IPO for La Quinta Inns & Suites rather than a sale of the hotel chain, according to a source familiar with the process. Blackstone believes La Quinta can attract a higher valuation in the public markets, the source said. Blackstone, the largest publicly listed alternative asset manager, earlier this month saw shares of its Extended Stay America hotel chain soar 19 percent in their first day of trading following an IPO.Bloomberg reported the La Quinta news earlier on Monday.Reuters reported earlier that Blackstone was seeking as much as $4.5 billion for the La Quinta chain in an auction that attracted interest from hospitality holding companies such as Choice Hotels International Inc as well as private equity firms.Blackstone took La Quinta private in 2006 in a $3.4 billion deal.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.72% or $0.47/share to $27.73. In the past year, the shares have traded as low as $14.32 and as high as $28.73. On average, 4664120 shares of BX exchange hands on a given day and today's volume is recorded at 2417094.
Choice Hotels International, Inc.( Choice) is one of the hotel franchisors with 6,243 hotels open and 482 hotels under construction, awaiting conversion or approved for development as of December 31, 2012 representing 499,253 rooms open and 38,969 rooms under construction, awaiting conversion or approved for development in 49 states, the District of Columbia and over 35 countries and territories outside the United States. Shares of CHH traded higher by 0.22% or $0.1/share to $46.16. In the past year, the shares have traded as low as $31.47 and as high as $49.37. On average, 116514 shares of CHH exchange hands on a given day and today's volume is recorded at 10341.
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