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Blackstone's La Quinta files for a US IPO that could raise upwards of $200 million

By: Renaissance Capital
Posted: 2/10/2014 5:16:00 PM
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La Quinta Inns & Suites, one of the largest budget hotel operators in the US with more than 830 locations, filed on Monday with the SEC to raise $100 million in an initial public offering, although the deal size is likely just a placeholder. We estimate the company could raise at least $200 to $300 million. The Irving, TX-based company, which was founded in 1968 and booked $861 million in sales for the 12 months ended September 30, 2013, has yet to announce an exchange or a ticker. La Quinta initially filed confidentially on December 23, 2013. J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.