The Blackstone Group, the private equity company, has bought US hotel chain La Quinta for $3.4bn (€2.9bn), five months after it spent $3.2bn on rival Wyndham International.
Bear Stearns, Deutsche Bank and Merrill Lynch advised Blackstone on the La Quinta deal, with acquisition financing provided by Bank of America, Bear Stearns and Merrill Lynch. Simpson Thacher & Bartlett was legal adviser to Blackstone.