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La Quinta Inns & Suites

From Wikipedia, the free encyclopedia
(Redirected from Wellesley Inns)
La Quinta Franchising LLC
TypeSubsidiary
IndustryHotels
Founded1968; 58 years ago (1968)
San Antonio, Texas, U.S.
Headquarters
909 Hidden Ridge
Irving, Texas, U.S. 75038
Number of locations
918 (December 31, 2023)[1]
Area served
North America
Key peopleKrishna Paliwal, Brand President
Number of employees
9000
ParentWyndham Hotels & Resorts
Websitewww.lq.com

La Quinta by Wyndham, also known as La Quinta Inn & Suites (Spanish: La Quinta, "the country villa", pronounced [la ˈkinta]), is a chain of limited-service hotels in the United States, Canada, Mexico, and Honduras owned by Wyndham Hotels & Resorts. La Quinta Holdings, Inc. first sold shares to the public in April 2014. La Quinta is headquartered in Irving, Texas. As of December 31, 2023, the chain owned and operated 918 properties with 89,391 rooms.[1]

History

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La Quinta in Salida, California

1968 launch

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The first La Quinta Inn location was opened in 1968 by real estate entrepreneur Sam Barshop (1929–2013) and his brother Phil (1935–1998) in San Antonio, Texas, across the street from the site of the HemisFair '68 World's Fair.[2]

La Quinta's first headquarters were in San Antonio. In 1999, the company announced its relocation, transferring over 100 jobs to its new site.[citation needed] The company cited a lack of nonstop flights from San Antonio International Airport as a reason for the move,[3] wishing to be closer to Dallas/Fort Worth International Airport. La Quinta retained around 300 employees in San Antonio to handle accounting, information systems, and reservations.[4]

2005 Blackstone acquisition

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LQ Corporation, the parent company of the subsidiary LQ Properties, Inc., announced on November 9, 2005, that it had agreed to be acquired by the private equity firm Blackstone Group for $3.4 billion in cash and debt.[citation needed] The merger closed on January 25, 2006. At that point, La Quinta ranked as the 13th-largest hotel group worldwide, owning 360 hotels and franchising 250 under the names La Quinta Inn, La Quinta Inn & Suites, Baymont Inn & Suites, Woodfield Suites, and Budgetel (totaling about 65,000 rooms).[5] A few months prior, Blackstone had purchased Wyndham Hotels, the group that would later acquire La Quinta in 2018.[6]

In 2011, La Quinta phased out pay-per-view in-room entertainment to focus on allowing customers to use their own devices.[citation needed] In 2012, La Quinta launched an "Instant Hold" option, which allowed customers to make last-minute reservations using just their phone numbers.[7]

In 2013, Blackstone began to prepare for the sale of La Quinta.[8] Leading up to the 2014 public stock offering, all La Quinta properties were owned or franchised by the company's subsidiary, La Quinta Properties, Inc., a real estate investment trust (REIT) that leased the properties back to the parent company.[1] In 2015, La Quinta launched its "Del Sol" prototype, featuring LED lighting, indoor and outdoor pools, and modernized decor.[9] In September 2015, President and CEO Wayne Goldberg stepped down, with CFO Keith Cline stepping in as interim CEO.[10][11]

2018 Wyndham acquisition

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On January 18, 2018, Wyndham Worldwide Corporation and La Quinta Holdings Inc. announced they had entered into a definitive agreement under which Wyndham Worldwide would acquire La Quinta's hotel franchise and hotel management businesses for $1.95 billion in cash. The loyalty programs of La Quinta and Wyndham were planned to be merged. The deal also stipulated that La Quinta's real estate assets be spun off into a separate, publicly traded real estate investment trust called CorePoint Lodging. Buying La Quinta enabled Wyndham to become the third-largest hotel room operator in the world, surpassing InterContinental.[12][13] The acquisition was completed on May 31, 2018, adding more than 900 franchised hotel properties to the Wyndham portfolio.[14]

In June 2019, La Quinta signed a deal with Caribbean developer Profusion Group to develop the brand in the Dominican Republic, targeting eight locations within five years.[15]

Description

[edit]

In some Spanish-speaking countries, la quinta means "the country place" or "mansion".[2] While room types and layouts vary by hotel, company-owned properties maintain standardized room settings, whereas franchised locations offer more variety. Room rates fluctuate daily. The chain targets middle-income, price-conscious travelers. Most properties have a pool.[7]

The operating entity, LQ Management LLC, is headquartered in the Las Colinas area of Irving, Texas, near Dallas.[3][16]

References

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  1. 1 2 3 "XBRL Viewer". Securities and Exchange Commision.
  2. 1 2 "History of La Quinta Inns, Inc". FundingUniverse.
  3. 1 2 Travis E. Poling and Bonnie Pfister (March 17, 1999). "La Quinta moving to Dallas suburb;Hotelier cites S.A.'s lack of nonstop flights". San Antonio Express-News.
  4. ↑ "La Quinta to move office to Las Colinas The hotel chain's officials say the company needs to be near a major airport". Fort Worth Star-Telegram. March 18, 1999. p. 12 Business. Retrieved March 24, 2010.
  5. ↑ "Blackstone now controls fifteen brands, over 560,000 rooms". 4hoteliers.com. 19 July 2009. Retrieved 11 November 2019.
  6. ↑ "Blackstone to Buy Wyndham Hotels". Los Angeles Times. 15 June 2005. Retrieved 11 November 2019.
  7. 1 2 Brad Tuttle (9 April 2014). "Why La Quinta Is Not Just Another Cheap Hotel Brand". Time. Retrieved 11 November 2019.
  8. ↑ Craig Karmin (6 August 2013). "Blackstone Prepares to Sell La Quinta Hotels". Wsj.com. Retrieved 11 November 2019.
  9. ↑ Danni Santana (25 July 2019). "The La Quinta Brand Is Receiving Plenty of TLC From Wyndham". Skift.com. Retrieved 11 November 2019.
  10. ↑ Josh Beckerman (17 September 2015). "La Quinta CEO Goldberg Steps Down by Mutual Agreement With Board". Wsj.com. Retrieved 11 November 2019.
  11. ↑ Korri Kezar (17 September 2015). "Wayne Goldberg stepping down as La Quinta's CEO". Bizjournals.com. Retrieved 11 November 2019.
  12. ↑ Nancy Trejos (18 January 2018). "Wyndham Hotels to buy La Quinta hotels". Usatoday.com. Retrieved 11 November 2019.
  13. ↑ Sanjana Shivdas (18 January 2018). "Wyndham to buy La Quinta hotel business for $1.95 billion". Reuters.com. Retrieved 11 November 2019.
  14. ↑ Worldwide, Wyndham. "Wyndham Worldwide Completes Acquisition Of La Quinta Holdings". www.prnewswire.com (Press release). Retrieved 2019-08-05.
  15. ↑ "La Quinta Planning Major Expansion to Dominican Republic". Caribjournal.com. 3 June 2019. Retrieved 11 November 2019.
  16. ↑ "Fact Sheet"; Archived 2012-08-17 at the Wayback Machine. La Quinta Inn & Suites. Retrieved on March 24, 2010.
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