Blackstone Group to Acquire La Quinta

New York -- The Blackstone Group has agreed to acquire La Quinta Corp., which operates or franchises some 600 limited-service hotels, in a deal valued at approximately $3.4 billion.

The La Quinta acquisition continues Blackstone's buying spree in the lodging sector. The private investment firm bought Wyndham International last August, retaining half the properties for its new luxury brand, LXR Luxury Resorts, and selling off the remaining properties and the brand name and franchising rights.

Dallas-based La Quinta Corp. operates and franchises hotels under the brand names, La Quinta Inns, La Quinta Inn & Suites, Baymont Inn & Suites, Woodfield Suites, and Budgetel.