BlackStone Group Backs La Quinta Holdings to go Public and Signet Jewelers Beats Analysts in Fiscal Fourth Quarter
The Blackstone Group L.P. (NYSE: BX), the biggest manager of alternative assets such as private equity and property, is backing La Quinta Holdings Inc. who will raise as much as $780 million from its initial public offering. This is the third hotel chain that Blackstone Group is taking public in six months. Blackstone has been selling or taking public its real estate assets aggressively as the U.S. hotel industry recovers. With more than 830 hotels, La Quinta is one of the largest owners and operators of budget hotels in the United States. The hotel chain posted net income of $44.5 million