Although rumors of a possible La Quinta sale circulated a little while back, it looks like Blackstone will seek an IPO for the hotel company instead. According to this report from Bloomberg, Blackstone believes that it can get higher returns through the public offering.
Blackstone had started the sale process and received initial bids last month. But a 20 percent gain in Extended Stay America Inc., co-owned by Blackstone, since its Nov. 12 share sale helped sway the decision to seek an IPO.
The filing may come before the end of the year. JPMorgan Chase & Co. and Morgan Stanley were hired by Blackstone earlier this year to explore a sale or IPO.
For more, visit Bloomberg.com.