Blackstone affiliate to acquire La Quinta for $34B

DALLAS -- La Quinta Corp. agreed to be acquired by an affiliate of the Blackstone Group in a cash and debt transaction valued at $34 billion.

Subject to stockholder and other approvals, the parties expect to close the deal in the first quarter.

Dallas-based La Quinta has a portfolio of some 600 hotels under the La Quinta, Baymont, Woodfield Suites and Budgetel bands, about 240 of which are franchised.

The deal is the latest in a series of hotel-related transactions for Blackstone, a private investment firm that owns Boca Resorts and Extended Stay America and which recently sold the Wyndham brand to Cendant.

To contact the reporter who wrote this article, send e-mail to [email protected].


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