Third Blackstone hotel chain takes another step to IPO

|About: The Blackstone Group L.P. (BX)|By:, SA News Editor

La Quinta Holdings has filed to raise up to $100M in an IPO, putting the hotel chain on course to become the third such Blackstone (BX) portfolio company to list its shares.

La Quinta, which Blackstone bought for $3B in 2006, initially filed for an IPO under the JOBS Act in December.

In its latest filing, La Quinta didn't say how many shares it would sell, nor at what price. The company manages over 830 mid-price, limited-service hotels with about 80,000 rooms in the U.S., Canada and Mexico.

La Quinta's flotation would follow those of other Blackstone companies Hilton Worldwide and Extended Stay, both of which enjoyed strong demand. (S-1)