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Deals Rumor Mill: Blackstone, Rio Tinto, Globe Tower

By Karlee Weinmann ( August 6, 2013, 5:14 PM EDT) -- New York private equity mainstay Blackstone Group LP is contemplating a sale of budget hotel chain La Quinta Inns & Suites that could bring in as much as $4.5 billion, the Wall Street Journal reported on Tuesday. The firm has tapped JPMorgan Chase & Co. and Morgan Stanley to help it evaluate a prospective sale and also explore the possibility of an initial public offering in a dual-track process. Either move would hack down Blackstone's stake in the chain, which it took private seven years ago in a $3.4 billion deal. La Quinta, with more than 550 hotels in 39 states, is one of the largest operators of budget lodging in the U.S....

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