La Quinta declines in 1st day on the NYSE

NEW YORK (AP) — La Quinta's stock is down slightly in its return as a publicly traded company.

The Irving, Texas, company was publicly traded for more than 30 years, before being acquired by Blackstone, the private equity firm, in 2006.

The initial public offering of about 38.3 million shares is above the 37.2 million shares initially expected.

The offering priced at $17 per share, below the projected price range of $18 to $21 per share.

La Quinta raised about $651 million from the IPO.

La Quinta Holdings Inc. runs select-service hotels, which typically have fewer amenities than full-service hotels.

The shares are trading on the New York Stock Exchange under the "LQ" ticker symbol.

Shares of the hotel operator shed 28 cents to $16.72 in early trading Wednesday.