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Blackstone Group has received more than six bids for hotel operator La Quinta, but the private equity firm is still considering selling shares of the company to the public, The Wall Street Journal reported.
Blackstone has valued La Quinta, a limited-service hotel operator, at $4.5 billion and the bids were consistent with that valuation and came from rival hotel operators and other private equity firms, a source told the Journal.
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Blackstone bought La Quinta in 2006 for $2.3 billion plus debt and spent hundreds of millions of dollars to revitalize the brand. There are now 805 hotels with more than 80,000 rooms in the La Quinta chain.
Extended Stay America, another hotel chain owned by Blackstone, is currently eyeing an initial public offering. In a filing with the U.S. Securities and Exchange Commission this week the company raised the size of its public offering from $100 million to $500 million. Blackstone also owns Hilton Worldwide which recently filed plans to raise $1.25 billion in a public offering.
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Read more about the La Quinta bids here.