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La Quinta acquired in $3.4 billion deal
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
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