Blackstone's La Quinta Plans to Raise $100 Million in IPO

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La Quinta Holdings Inc, a U.S. hotel chain backed by equity giant Blackstone Group, plans to raise up to $100 million in an initial public offering. 

The company filed with the Securities and Exchange Commission this week, with J.P. Morgan and Morgan Stanley as underwriters, Reuters reports. The filing did not state how many shares La Quinta will sell or which stock exchange it will apply for listing. 

The U.S. hotel industry has been recovering, with higher room rates and occupancy levels. The industry is expected to continue growing in 2014.

Blackstone took La Quinta private in a $3.4 billion deal in 2006. With more than 830 hotels, La Quinta is one of the largest owners and operators of budget hotels in the U.S.

Blackstone has been proactive about taking its real estate assets public. 

Last December, Blackstone took Hilton Worldwide public in the largest-ever hotel IPO.

Blackstone also took shopping center company Brixmor Property Group public in October and Extended Stay America Inc in November.