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Blackstone’s La Quinta to Raise Up to $781 Million in IPO

La Quinta Holdings Inc., the midpriced hotel chain backed by Blackstone Group LP, is seeking to raise as much as $781 million in its U.S. initial share sale.

La Quinta, based in Irving, Texas, plans to sell 37.2 million shares for $18 to $21 each, according to a filing today with the Securities and Exchange Commission. At the high end of the range, the company would have a market value of $2.57 billion, based on 122.6 million shares that will be outstanding.