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Home / News / La Quinta considering splitting into two companies
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La Quinta considering splitting into two companies

Hotel chain La Quinta Holdings is pursing the possibility of separating into two stand-alone publicly-traded companies.

 

In a brief statement released Wednesday, Irving-based La Quinta (NYSE: LQ) said the separation would involve separating its company-owned and franchise properties into different businesses “to execute on our key strategic initiatives and create value for our stakeholders.” . . .   "This separation of our businesses could enable greater strategic clarity and allow us to take advantage of growth opportunities that naturally flow from each business model,” La Quinta CEO Keith Cline said in the statement. “This could also enable shareholders to own and value each business independently, allowing each company to attract the investor base most appropriate for its distinct investment profile."

 

La Quinta Inns and Suites for sale in Florida.  Prime Sites USA sells La Quinta branded hotels.

 

La Quinta added that a separation is not set in stone, but that the company will consider a split and disclose developments as it makes decisions about the transaction. The company has engaged J.P. Morgan as its financial adviser and Simpson Thacher & Bartlett as legal adviser on the separation.  A conference call will be held Thursday morning to discuss the separation announcement. Stay tuned with the Dallas Business Journal for further updates.

 

La Quinta first went public in April 2014, hitting the New York Stock Exchange at $17 per share. On Wednesday, shares of the company closed at $14.45, but were swapping up more than 1.3 percent in after-hours trading. In the past 12 months, the stock is trading up more than 30 percent.  La Quinta is not the first North Texas business to consider a split. Fiesta Restaurant Group (Nasdaq: FRGI) announced in February plans to split its Taco Cabana and Pollo Tropical brands into separate public companies, but later scrapped those plans.

Source:  Korri Kezar / Dallas Business Journal / Jan 18, 2017


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