Why La Quinta (LQ) Stock Is Gaining Today

NEW YORK (TheStreet) -- La Quinta (LQ) shares are up 2.48% to $19.87 on Wednesday after the hotel chain reported its first quarterly results since going public after being spun off from Blackstone Group (BX) in April.

The company raised the bottom line of its revenue per available room, an important measure in the hospitality industry, full year outlook to between 6% and 7% from between 5.5% and 7%.

The company also adjusted its full year EBITDA estimates up between $367 million and $372 million from its previous guidance between $362 million and $368 million.

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La Quinta reported second quarter pro forma earnings of 14 cents per diluted share, in line with analysts estimates for the period, on revenue of $261 million that was ahead of analysts expectations of $257 million. 

LQ Chart LQ data by YCharts

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