La Quinta to explore sale, spin off real estate portfolio
May 17, 2017
Hotels and Resorts | Irving, TX
Budget hotel franchise La Quinta (NYSE: LQ) has decided to explore a sale, per Reuters. The company already announced plans in January to separate its real estate business into a separate publicly traded company. La Quinta, in which PE firm Blackstone retained a roughly 33% stake after taking it public in 2014, could reportedly fetch up to $4.5 billion and has already attracted interest from Choice Hotels International, Hospitality Properties Trust and Apollo Global Management. La Quinta's shares closed down 8% Tuesday.