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Two from Fort Worth appointed by Gov. Abbott to university boards

Steve Hicks, a University of Texas System regent who has been a vocal opponent of regents who have criticized the system’s flagship campus in Austin, was reappointed to the board by Gov. Greg Abbott on Thursday. 

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Fort Worth draws closer to deal with Lancaster developer

City staff are planning to introduce the developer Feb. 3 at a meeting of the City Council's Housing and Economic Development Committee.

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Compass BBVA names Happel CEO for Fort Worth

BBVA Compass has appointed Brian Happel, most recently the Fort Worth city president, its chief executive officer of Fort Worth.

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Two Fort Worth Baylor medical properties acquired

Baylor Surgical Hospital of Fort Worth and Baylor Surgical Hospital Integrated Medical Facility are among three facilities acquired by Carter Validus Mission Critical REIT II Inc.

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Fort Worth minority business receives nationwide grant

Cuevas Distribution Inc., a minority- and woman-owned business in Fort Worth, is one of 20 small businesses nationwide to receive a $150,000 grant from Chase as part of the Mission Main Street program.

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Irving-based La Quinta raises about $651M from IPO

IRVING, Texas (AP) — Hotel operator La Quinta Holdings Inc. has raised approximately $651 million from an initial public offering of its common stock.

The IPO of about 38.3 million shares is above the 37.2 million shares initially expected, according to a regulatory filing.

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

La Quinta is giving the underwriters a 30-day option to buy up to an additional 5.7 million shares.

The Irving, Texas, company expects about $618 million in net proceeds from the offering. That's before the underwriters exercise their overallotment option and prior to taking out estimated offering expenses. But it's after deducting underwriting discounts and commissions.

La Quinta anticipates using the offering's net proceeds, coupled with available cash and net proceeds from a senior secured term loan facility of its subsidiary, to pay back outstanding debt. Any remaining proceeds will be used for general corporate purposes.

The company began in 1968 in San Antonio, Texas. It was a public company for more than 30 years, before being acquired by private equity firm The Blackstone Group LP in 2006.

La Quinta runs select-service hotels, which typically have fewer amenities than full-service hotels. It had 834 hotels at the end of 2013.

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

The offering is targeted to close on Monday.

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