La Quinta Holdings’ $650.3 million initial public offering missed the lower end of the price range projected late last month.
La Quinta sold 38.25 million shares at $17 a share. The company last month forecasted a price range of $18 to $21 a share.
Shares, listed under the LQ symbol on the Nasdaq, were trading at about $17.40 a share at about 12:30 p.m. Eastern time Wednesday.
Blackstone Group is still the majority owner of La Quinta, which owns, operates or franchises more than 830 hotels in the U.S., Canada and Mexico.
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