NEW YORK (TheStreet) -- Shares of La Quinta Holdings (LQ) were lower this morning on the hotel operator's first trading day by about 1.7% to $16.71 after pricing its initial public offering at $17 a share.
The company is backed by Blackstone Group LP (BX).
The company raised a lower than expected $650 million in its initial public offering.
La Quinta was down 1.7% to $16.71 earlier, after selling 38.25 million shares for $17 each. The Texas-based company offered 37.2 million shares for between $18 and $21 each.
The shares have reversed and are now up slightly to $17.13.