La Quinta Holdings, one of the largest select-service hotel operators in the US with more than 830 locations, announced terms for its IPO on Thursday. The Irving, TX-based company plans to raise $725 million by offering 37.2 million shares at a price range of $18 to $21. At the midpoint of the proposed range, it would command a fully diluted market value of $2.4 billion.
La Quinta Holdings, which was founded in 1968 and booked $874 million in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol LQ. It initially filed confidentially on December 23, 2013. J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal.
