La Quinta planning an initial stock offering

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The La Quinta hotel chain is planning an initial public stock offering.

The chain of 800 hotels has submitted a draft registration for an IPO with the Securities and Exchange Commission, USA Today reports.

The chain is owned by Blackstone Group, which this year has conducted IPOs for two other hotel chains: Hilton and Extended Stay. Blackstone bought La Quinta in 2005 for $3.4 billion, including debt.

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