La Quinta acquired in $3.4 billion deal

Monday, 10 Nov, 2005 0

La Quinta Corporation and La Quinta Properties agreed to be acquired by an affiliate of The Blackstone Group in a $3.4 billion transaction.

Said Francis W. (“Butch”) Cash, chairman and chief executive officer for La Quinta:

“Blackstone was attracted by our strong brands, high quality hotels, excellent management team and operating culture that is focused on delivering superior guest satisfaction.”

La Quinta Corporation and its controlled subsidiary, La Quinta Properties Inc., is one of the largest owner/operators of limited-service hotels in the US.

The Dallas-based company owns and operates 360 hotels and franchises more than 240 hotels in 39 states under various brands.

The Blackstone Group, a private investment firm, was founded in 1985. Blackstone’s Real Estate Group has raised six funds, representing over $8 billion. The company has a long history of investing in hotels.

The closing of the merger is expected to be complete in early 2006.

Report by David Wilkening



 

profileimage

David



Most Read

Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know

Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham

Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago

Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research

Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact

Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference

Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role

Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal

Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination

Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness

Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future

Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
TRAINING & COMPETITION
Skip to toolbar
Clearing CSS/JS assets' cache... Please wait until this notice disappears...
Updating... Please wait...