La Quinta Holdings

exited

Real Estate / Hospitality — Blackstone

Deal Terms

Entry Year2006

Entry EV$3.4B

Entry Multiple8x

Leverage6x

Debt Amount$2.04B

Outcome

Exit Year2018

Risk Metrics

LTV (est.)60%

Debt / EV0.60x

Notes

Blackstone $3.4B LBO (2006). IPO'd 2014. Sold to Wyndham for $1.95B (2018) — well below entry price. Real estate separated from hotel brand. Blackstone's hotel portfolio strategy: buy at peak, load debt, split asset-light from asset-heavy, hope for recovery.

Sponsor

Blackstone$1270B AUM