La Quinta Holdings to Pursue Separation of its Businesses Into Two Stand-Alone, Publicly Traded Companies
IRVING, TX. January 23, 2017 - La Quinta Holdings Inc. ("La Quinta" or the "Company") (NYSE: LQ) today announced that the Company is pursuing the separation of its businesses into two stand-alone publicly traded companies, which could involve spinning off our owned real estate assets as a separate company.
"We are pursuing the possibility of separating our real estate business from our franchise and management businesses, which could prove to be the most logical next step as we continue to execute on our key strategic initiatives and create value for our stakeholders," said Keith Cline, President and Chief Executive Officer of La Quinta. "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. 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."
There is no assurance that the separation of the Company's business will occur. The Company will disclose further developments during the process once it has decided on any specific transaction or has otherwise determined that further disclosure is required or appropriate.
J.P. Morgan is acting as financial advisor to the Company and Simpson Thacher & Bartlett LLP is serving as legal advisor to the Company.
About La Quinta Holdings Inc.
La Quinta Holdings Inc. (LQ) is a leading owner, operator and franchisor of select-service hotels primarily serving the upper-midscale and midscale segments. The Company's owned and franchised portfolio consists of more than 885 properties representing approximately 87,500 rooms located in 48 states in the U.S., and in Canada, Mexico and Honduras. These properties operate under the La Quinta Inn & Suites™, La Quinta Inn™ and LQ Hotel™ brands. La Quinta's team is committed to providing guests with a refreshing and engaging experience. For more information, please visit: www.LQ.com.
Contact:
Kristin Hays
Investor Relations
[email protected]
214-492-6786
Teresa Ferguson
Public Relations
214-492-6937
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