Blackstone Partially Exits La Quinta in New Offering
November 03, 2014
The Blackstone Group-backed La Quinta (NYSE: LQ), an owner, operator and franchisor of select-service hotels, has completed a secondary offering. The company did not receive any proceeds from the offering, however, as Blackstone was the only participating stockholder, selling 20 million shares (roughly 15.3% of its stake). La Quinta, acquired by Blackstone in 2006, went public in April, raising about $650 million. The firm's ownership stake dropped from 62.8% to 47.5% after the offering.