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Confidential registration statements for IPOs, while legal in many circumstances, seem to go against the grain of going public to begin with. Hotel chains filing IPO statements will be able to avoid scrutiny for awhile, but once they go public there will be no more such hiding.
Blackstone Group-owned La Quinta Holdings in December announced it confidentially submitted a draft registration statement to the SEC related to a proposed IPO. The number of shares of common stock to be sold and a possible price range has not been determined. La Quinta did not reply to a request for comment prior to deadline.
Morningstar analyst James Krapfel said the JOBS Act confidential IPO provision might cover as many as 85% of the companies that choose to take themselves public, meaning there is potential to see more companies inside the hotel industry do a confidential filing.