Blackstone Group plans to file for an initial public offering of its La Quinta Inns & Suites hotel chain rather than sell the company on the private market, according to people with knowledge of the firm’s thinking.
Blackstone, which had started a sales process for La Quinta and received initial bids last month, is betting it can get higher returns through an IPO, said the people, who asked not to be identified because the plans are private. A 20 percent gain in Extended Stay America Inc., co-owned by Blackstone, since its Nov. 12 share sale helped sway the decision, they said.
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