La Quinta Holdings Inc, a hotel chain backed by Blackstone Group LP, said on Monday it had confidentially filed with U.S. regulators for an initial public offering of its common stock. The company has filed with the U.S. Securities and Exchange Commission under the controversial Jumpstart Our Business Startups (JOBS) Act, which allows firms to submit registration documents to the SEC away from public eyes.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.With more than 830 hotels, La Quinta is one of the largest owners and operators of budget hotels in the United States.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 2.05% or $0.62/share to $30.86. In the past year, the shares have traded as low as $15.15 and as high as $30.49. On average, 4805250 shares of BX exchange hands on a given day and today's volume is recorded at 5153516.
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 0.51% or $0.25/share to $48.95. In the past year, the shares have traded as low as $33.08 and as high as $49.37. On average, 117728 shares of CHH exchange hands on a given day and today's volume is recorded at 76652.
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