La Quinta Inns & Suites, one of the largest budget hotel operators in the US with 834 locations, reported financial results for the year ended December 31, 2013, increased its proposed offering to $650 million and picked the NYSE for its listing in an amendment filed with the SEC on Wednesday. The hotel chain was previously traded on the NYSE under the ticker LQI until it was acquired by Blackstone in a $3.4 billion 2006 LBO. La Quinta represents the third major Blackstone-backed hotel chain to go public, after Extended Stay (STAY) in November and Hilton (HLT) in December 2013.
The Irving, TX-based company, which was founded in 1968, plans to list under the symbol LQ. 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.
