La Quinta Inns & Suites has attracted interest from a number of potential suitors that could value the Blackstone Group-owned budget hotel chain at USD$4.5 billion, three people with knowledge of the matter said this week.
Firms that are looking at La Quinta include hospitality holding companies Choice Hotels and Hospitality Properties Trust, as well as private equity firm Apollo Global Management, the sources said.
First-round bids for La Quinta are due next week, two of the sources said.
Spokesmen at Apollo, Blackstone, Choice Hotels and Hospitality Properties Trust did not reply to emails seeking comment.
Blackstone had hired JP Morgan Chase and Morgan Stanley to explore a potential sale or public offering for La Quinta, a person familiar with the matter said in August.
Since Blackstone took La Quinta private in 2006 in a USD$3.4 billion deal, it has focused on building the brand through additional franchise locations as well as the acquisition of more assets.
With more than 550 hotels in 39 states, La Quinta is one of the largest owners and operators of budget service hotels in the United States.
Blackstone has recently moved aggressively to sell or take public its real estate assets.
In September it filed to take US hotel operator Hilton Worldwide public and has also registered hotel chain Extended Stay America and shopping centre unit Brixmor Property Group for IPOs.