Blackstone's La Quinta filed confidentially for IPO
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.
(Read more: Hilton Worldwide raises $2.3B in IPO)
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 number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined, the company said.