Blackstone Maneuvers its La Quinta, Extended Stay and Hilton Chess Pieces
Skift Take
What is the right formula for Blackstone? Two IPOs and a sale or perhaps three IPOs -- namely for Extended Stay America, Hilton, and possibly La Quinta. It is so nice to have options.
Private equity giant Blackstone undoubtedly hopes that the U.S. government shutdown and debt ceiling crises don't unnerve the markets because as the largest owner/operator of company-branded hotels in North America, it is having quite a run with its La Quinta, Extended Stay America, and Hilton Worldwide holdings.
Consider that Blackstone acquired La Quinta for $2.3 billion plus debt in 2006, and has reportedly just received a half-dozen bids after putting the limited service operator up for sale for roughly $4.5 billion, the Wall Street Journal reports.
The bids reportedly came from rivals, including Choice Hotels, and other private equity firms, while
