Blackstone Acquires 15 Limited Service Hotels as It Readies La Quinta IPO
Photo Credit: Blackstone just loves the hotel industry's limited-service sector, and acquired Hampton Inn & Suites National Harbor in Oxon Hill, Maryland, as part of a 15-property deal with OTO Development. Hampton Inn & Suites
Skift Take
The actual or prospective IPOs of Hilton Worldwide, Extended Stay America and La Quinta notwithstanding, Blackstone is adding pieces to the empire.
It seems like ancient history, but it was only a year ago that the hotel industry was wondering when would Blackstone cash in on some of its holdings, including Hilton Worldwide, Extended Stay America, La Quinta and Motel 6.
In 2013 Blackstone did in fact unleash the IPOs for Hilton ($2.35 billion), Extended Stay ($565 million), and La Quinta is waiting in the wings, currently priced at $780 million.
Blackstone still controls those four brands, all of which are in the limited service sector except for Hilton, and Blackstone isn't done yet in adding to the empire.
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