IRVING, Texas — La Quinta Holdings Inc. has signed an agreement to sell 24 hotels.
This portfolio is geographically dispersed and the vast majority of these hotels will be removed from the La Quinta system however, the buyers have committed to developing several franchised La Quinta hotels as part of the transaction. La Quinta expects the agreement will result in the opening of new markets for the brand’s franchise development.
“This is another positive step as we continue to enhance our portfolio and improve the overall brand experience for our customers,” said Wayne B. Goldberg, president and CEO of La Quinta. “We are continuing to execute our strategy of optimizing the owned hotel portfolio. As this transaction illustrates, we remain committed to finding ways to improve our performance and grow long-term shareholder value.”
The deal is still subject to closing provisions and is expected to close by year end.