Blackstone Decides to Extend Stay After La Quinta IPO
La Quinta priced its IPO below the planned range but the stock recovered after its initial trading, after PE firm Blackstone held on to its shares of La Quinta, showing support.
La Quinta's initial public offering priced below its plan at $17 and began trading at $16.75, but investors quickly pushed the price higher. Private equity firm Blackstone is holding onto its shares instead of selling, showing its faith in the company. CEO Wayne Goldberg tells TheStreet's Debra Borchardt that the company promotes loyalty to its brand in order to differentiate itself in the crowded hotel field. He feels this helps fight the commoditization of hotel rooms.
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