La Quinta 10-K 25 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	LQ
Entity Registrant Name	LA QUINTA HOLDINGS INC.
Entity Central Index Key	1,594,617
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		124,417,557
Entity Public Float			$ 876.5

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 86,709	$ 109,857
Accounts receivable, net of allowance for doubtful accounts of $4,773 and $4,567	37,625	39,938
Assets held for sale	35,523
Other current assets	12,066	11,581
Total Current Assets	171,923	161,376
Property and equipment, net of accumulated depreciation	2,623,472	2,826,248
Intangible assets, net of accumulated amortization	178,095	179,406
Other non-current assets	12,354	12,743
Total Non-Current Assets	2,813,921	3,018,397
Total Assets	2,985,844	3,179,773
Current Liabilities:
Current portion of long-term debt	17,514	19,001
Accounts payable	27,572	21,447
Accrued expenses and other liabilities	63,120	71,117
Accrued payroll and employee benefits	30,918	35,196
Accrued real estate taxes	21,705	20,570
Total Current Liabilities	160,829	167,331
Long-term debt	1,694,585	1,840,510
Other long-term liabilities	30,330	23,727
Deferred tax liabilities	353,588	339,750
Total Liabilities	$ 2,239,332	$ 2,371,318
Commitments and Contingencies
Equity:
Preferred Stock, $0.01 par value; 100,000,000 shares authorized and none outstanding as of December 31, 2015 and 2014	$ 0	$ 0
Common Stock, $0.01 par value; 2,000,000,000 shares authorized at December 31, 2015 and 2014, 130,974,073 shares issued and 124,302,318 shares outstanding as of December 31, 2015 and 130,778,365 shares issued and 130,695,274 shares outstanding as of December 31, 2014	1,310	1,307
Additional paid-in-capital	1,152,155	1,129,815
Accumulated deficit	(294,718)	(321,083)
Treasury stock at cost, 6,671,755 shares at December 31, 2015 and 83,091 shares at December 31, 2014	(107,699)	(1,532)
Accumulated other comprehensive loss	(7,436)	(3,127)
Noncontrolling interests	2,900	3,075
Total Equity	746,512	808,455
Total Liabilities and Equity	$ 2,985,844	$ 3,179,773

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4,773	$ 4,567
Preferred Stock, par value	$ 0.01	$ 0.01
Preferred Stock, shares authorized	100,000,000	100,000,000
Preferred Stock, shares outstanding	0	0
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	2,000,000,000	2,000,000,000
Common Stock, shares issued	130,974,073	130,778,365
Common Stock, shares outstanding	124,302,318	130,695,274
Treasury stock, shares	6,671,755	83,091

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUES:
Room revenues	$ 887,358	$ 846,203	$ 757,699
Franchise and other fee-based revenues	100,069	89,718	79,180
Other hotel revenues	19,343	19,536	17,949
Revenue from leased and owned hotels	1,006,770	955,457	854,828
Brand marketing fund revenues from franchise and managed properties	23,204	21,481	19,065
Total Revenues	1,029,974	976,938	873,893
OPERATING EXPENSES:
Direct lodging expenses	398,828	378,705	344,515
Depreciation and amortization	174,985	173,145	164,077
General and administrative expenses	117,354	142,636	74,794
Other lodging and operating expenses	63,513	56,984	56,068
Marketing, promotional and other advertising expenses	69,810	62,161	59,193
Impairment loss	50,121	5,157
Loss on sale	4,088
Operating expenses	878,699	818,788	698,647
Brand marketing fund expenses from franchise and managed properties	23,204	21,481	19,065
Total Operating Expenses	901,903	840,269	717,712
Operating Income	128,071	136,669	156,181
OTHER INCOME (EXPENSES):
Interest expense, net	(86,504)	(120,945)	(148,615)
Other income	7,632	3,261	1,048
Loss on extinguishment of debt, net	(2,000)	(2,030)
Total Other Income (Expenses)	(78,872)	(119,714)	(147,567)
Income From Continuing Operations Before Income Taxes	49,199	16,955	8,614
Income tax expense	(22,487)	(28,805)	(3,598)
Recognition of net deferred tax liabilities upon C-corporation conversion		(321,054)
Income (loss) from Continuing Operations, net of tax	26,712	(332,904)	5,016
Loss on Discontinued Operations, net of tax		(503)	(2,495)
NET INCOME (LOSS)	26,712	(333,407)	2,521
(Income) Loss from noncontrolling interests in continuing operations, net of tax	(347)	(3,890)	1,455
(Income) Loss from noncontrolling interests in discontinued operations, net of tax	0	0	0
Net (income) loss attributable to noncontrolling interests	(347)	(3,890)	1,455
Amounts attributable to La Quinta Holdings’ stockholders
Income (loss) from continuing operations, net of tax	26,365	(336,794)	6,471
Loss on Discontinued Operations, net of tax		(503)	(2,495)
Net Income (Loss) attributable to La Quinta Holdings’ stockholders	$ 26,365	$ (337,297)	$ 3,976
Earnings (loss) per share:
Basic earnings (loss) per share	$ 0.21	$ (2.67)	$ 0.03
Diluted earnings (loss) per share	$ 0.20	$ (2.67)	$ 0.03

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 26,712	$ (333,407)	$ 2,521
Cash flow hedge adjustment, net of tax	(4,309)	(3,127)
COMPREHENSIVE NET INCOME (LOSS)	22,403	(336,534)	2,521
Comprehensive net (income) loss attributable to noncontrolling interests	(347)	(3,890)	1,455
Comprehensive net income (loss) attributable to La Quinta Holdings’ Stockholders	$ 22,056	$ (340,424)	$ 3,976

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]	Member's Equity [Member]
Beginning Balance at Dec. 31, 2012	$ 303,385						$ (11,870)	$ 315,255
Net income (loss)	2,521						(1,455)	3,976
Distributions	(653)						(518)	(135)
Ending Balance at Dec. 31, 2013	305,253						(13,843)	319,096
Net income (loss)	(333,407)				$ (321,083)		3,890	(16,214)
Capital contributions	21,516							21,516
Ending Balance at Dec. 31, 2014	808,455	$ 1,307	$ (1,532)	$ 1,129,815	(321,083)	$ (3,127)	3,075
Ending Balance, shares at Dec. 31, 2014		130,695,274
Distributions	(4,557)						(4,451)	(106)
Issuance of common stock	693,221	$ 440		692,781
Issuance of common stock, shares		43,987,500
Equity based compensation	57,983	$ 44		57,939
Equity based compensation, shares		4,434,567
Repurchase of common stock	(1,533)	$ (1)	(1,532)
Repurchase of common stock, shares		(83,091)
Acquisitions	73,106	$ 44		73,062
Acquisitions, shares		4,348,284
Cash flow hedge adjustment, net of tax	(3,127)					(3,127)
La Quinta Predecessor Entities reorganization		$ 780		306,033			17,479	$ (324,292)
La Quinta Predecessor Entities reorganization, shares		78,008,014
Net income (loss)	26,712				26,365		347
Distributions	(522)						(522)
Ending Balance at Dec. 31, 2015	746,512	$ 1,310	(107,699)	1,152,155	$ (294,718)	(7,436)	$ 2,900
Ending Balance, shares at Dec. 31, 2015		124,302,318
Equity based compensation	22,343	$ 3		$ 22,340
Equity based compensation, shares		194,818
Repurchase of common stock	(106,167)		$ (106,167)
Repurchase of common stock, shares		(6,587,774)
Cash flow hedge adjustment, net of tax	$ (4,309)					$ (4,309)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	$ 26,712	$ (333,407)	$ 2,521
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	174,739	172,666	168,498
Amortization of other non-current assets	337	957	723
Amortization of intangible assets	937	1,075	1,210
Loss on extinguishment of debt, net	2,000	2,030
Interest expense added to long-term debt		18,601	52,877
Amortization of long-term debt reduction		(1,532)	(4,595)
(Gain) loss related to casualty disasters	1,824	(5,591)	(468)
Write off of deferred costs	18		27
Amortization of leasehold interests	(691)	(596)	(572)
Amortization of deferred costs	5,559	8,173	10,399
Impairment loss	50,121	5,308	19,533
Gain on sale from discontinued operations			(10,714)
Loss on sale or retirement of assets	4,533	177	359
Equity based compensation	21,603	57,983
Excess tax benefits from equity based compensation	(740)	(132)
Deferred taxes	16,898	22,980	43
Recognition of net deferred tax liabilities upon C-corporation conversion		321,054
Loss on interest rate caps			135
Provision for doubtful accounts	2,198	1,904	1,554
Changes in assets and liabilities:
Accounts receivable	(2,255)	(2,853)	2,203
Other current assets	(21)	811	(143)
Receivables from affiliates		276	(2,920)
Other non-current assets	(1,410)	(510)	(563)
Accounts payable	272	(9,494)	(4,027)
Accrued payroll and employee benefits	(4,278)	8,894	(3,565)
Accrued real estate taxes	1,135	993	(425)
Accrued expenses and other liabilities	(8,035)	15,693	419
Other long-term liabilities	1,039	622	349
Net cash provided by operating activities	290,495	286,082	232,858
Cash flows from investing activities:
Acquisitions, net of cash acquired		(77,667)
Capital expenditures	(100,776)	(78,630)	(115,529)
Decrease in restricted cash		103,026	9,381
Decrease in investments		67
Insurance proceeds on casualty disasters	7,033	2,120	2,833
Purchase of intangible assets, net			(103)
Proceeds from sale of assets	37,576	7,053	105,837
Payment of franchise incentives	(30)	(400)	(700)
Decrease in other non-current assets	1,125	315
Net cash (used in) provided by investing activities	(55,072)	(44,116)	1,719
Cash flows from financing activities:
Proceeds from long-term debt		2,100,000
Repayment of long-term debt	(152,622)	(2,941,302)	(227,961)
Payment of deferred costs		(27,255)	(13,229)
Payment of original issue discount		(10,500)
Proceeds from issuance of common stock, net		697,978
Purchase of treasury stock	(106,167)	(1,533)
Excess tax benefits from equity based compensation	740	132
Investment in interest rate caps			(135)
Distributions to members		(106)	(135)
Distributions to noncontrolling interests	(522)	(4,451)	(518)
Capital contributions		21,516
Net cash used in financing activities	(258,571)	(165,521)	(241,978)
Increase (decrease) in cash and cash equivalents	(23,148)	76,445	(7,401)
Cash and cash equivalents at the beginning of the year	109,857	33,412	40,813
Cash and cash equivalents at the end of the year	86,709	109,857	33,412
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid during the year	83,468	101,708	90,572
Income taxes paid during the year, net of refunds	12,357	4,156	3,459
SUPPLEMENTAL NON-CASH DISCLOSURE:
Capital expenditures included in accounts payable	2,836	760	2,120
Deferred cost included in proceeds from issuance of common stock		4,757
Cash flow hedge adjustment, net of tax	(4,309)	(3,127)
Receivable for capital assets damaged by casualty disasters	$ 4,625	$ 7,554	$ 2,413

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Basis of Presentation	NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Organization Effective April 14, 2014 (the “IPO Effective Date”), La Quinta Holdings Inc. (“Holdings”) completed its initial public offering (“IPO”) in which Holdings issued and sold 44.0 million shares of common stock. Holdings was incorporated in the state of Delaware on December 9, 2013 and, prior to the IPO Effective Date, had no operations. In connection with the IPO, we completed certain transactions including, among others, refinancing our existing debt, acquiring 14 previously managed hotels (the “Previously Managed Hotels”), and contributing the La Quinta Predecessor Entities (as defined below) into Holdings, which resulted in the La Quinta Predecessor Entities becoming owned by a “C” corporation for federal income tax purposes. Lodge Holdco I L.L.C. (“Holdco I”) and Lodge Holdco II L.L.C. (“Holdco II”), each a Delaware limited liability company, were formed on January 4, 2006. Lodge Holdco III L.L.C. (“Holdco III”), a Delaware limited liability company, was formed March 17, 2006. We refer collectively to Holdco I, Holdco II, and Holdco III as the “La Quinta Predecessor Entities”. Since those dates and prior to the completion of our IPO, the La Quinta Predecessor Entities were owned and controlled by Blackstone Real Estate Partners IV L.P. and affiliates (“BREP IV”) and Blackstone Real Estate Partners V L.P. and affiliates (“BREP V”). BREP IV and BREP V are affiliates of The Blackstone Group L.P. (collectivity, the “Funds” or “Blackstone”). As it pertains to the periods prior to completion of our IPO, the accompanying consolidated financial statements include the accounts of each of the La Quinta Predecessor Entities, and all related wholly and majority owned subsidiaries and a consolidated Variable Interest Entity (“VIE”). For these periods, the La Quinta Predecessor Entities have been presented on a combined historical basis due to their prior common ownership and control. In connection with the IPO, the Funds and other pre-IPO owners contributed their equity interests in the La Quinta Predecessor Entities to Holdings in exchange for an aggregate of 81.06 million shares of common stock of Holdings. Holdings then transferred such equity interests to its wholly-owned subsidiary which pledged these interests as security for borrowings under a new credit agreement. As a result, as it pertains to the period subsequent to completion of our IPO, the accompanying consolidated financial statements also include the accounts of Holdings, the Previously Managed Hotels, and all other wholly and majority owned subsidiaries created in connection with the IPO. The combined or consolidated entity presented may also be referred to herein as “La Quinta”, “we”, “us”, “our”, or the “Company”, as the context requires, when we refer to our historical operations and financial performance. In November 2014 and April 2015, Blackstone completed two secondary offerings in which it registered and sold 23.0 and 23.9 million shares of Holdings common shares, respectively. As of December 31, 2015 Blackstone owned 28.3% of Holdings’ common shares outstanding. We own and operate hotels, some of which are subject to a land lease, located in the United States under the La Quinta brand. We also franchise and, until the acquisition of the Previously Managed Hotels upon completion of our IPO, managed hotels under the La Quinta brand, with franchised hotels currently operating in the United States (“U.S.”), Canada, Mexico and Honduras. As of December 31, 2015, 2014 and 2013, total owned, franchised, and managed hotels, and the approximate number of associated rooms were as follows: 2015 2014 2013 # of hotels # of rooms # of hotels # of rooms # of hotels # of rooms Owned (1) 340 43,400 352 44,800 342 43,500 Joint Venture 1 200 1 200 1 200 Managed (2) — — — — 14 1,700 Franchised 545 43,900 514 41,500 477 38,300 Totals 886 87,500 867 86,500 834 83,700 (1) During the second quarter of 2015, we sold one of our owned hotels for $3.0 million, net of transaction costs. We recorded a loss on sale of $4.0 million related to this transaction. The purchaser subsequently signed a franchise agreement for this hotel to remain in our system. During the fourth quarter of 2015, we sold 11 of our owned hotels for $34.1 million, net of transaction costs. At December 31, 2015, owned hotels includes 13 hotels designated as assets held for sale, which are subject to a definitive purchase agreement. (2) These hotels were, as of December 31, 2013, owned by affiliates of the Funds. On April 14, 2014, these hotels were acquired by Holdco III. (See Notes 4 and 11) Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Effective April 14, 2014, we acquired 100% of the ownership interests of LQ Management L.L.C. (“LQM”) for $0.8 million in cash. Prior to April 14, 2014, LQM was a VIE, in which the La Quinta Predecessor Entities had a significant variable financial interest, and were the primary beneficiary. LQM received no member or other capital contribution, or equity investment upon formation or thereafter. LQM’s sole purpose is to manage all of our day-to-day operations, as well as to provide, prior to the IPO, day to day management of the Previously Managed Hotels. In return for providing these management services, we and, prior to the IPO, the Previously Managed Hotels pay LQM a management fee and reimburse LQM for costs incurred on our behalf, and, prior to the IPO, on behalf of the Previously Managed Hotels, in accordance with management and service agreements in place prior to the IPO. The La Quinta Predecessor Entities were the primary beneficiary of LQM as the management and service agreements in place provided for the La Quinta Predecessor Entities to reimburse LQM for its expenses in a manner that allowed LQM to realize a reasonable profit. We have not provided financial or other support to LQM during the periods presented that we were not contractually required to provide, and LQM’s agreements with its vendors are structured as non-recourse to our general credit. On April 14, 2014, LQM became a wholly owned subsidiary of Holdings and, as a result, is no longer a VIE.

Significant Accounting Policies

Significant Accounting Policies and Recently Issued Accounting Standards	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies and Recently Issued Accounting Standards	NOTE 2. SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS Revenue Recognition —Revenues primarily consist of room rentals, franchise fees and other hotel revenues. We defer a portion of our revenue from franchisees at the time the franchise agreement is signed and recognize the remainder upon hotel opening. Room revenues are derived from room rentals at our owned hotels. We recognize room revenue on a daily basis based on an agreed-upon daily rate after the guest has stayed at one of our hotels. Customer incentive discounts, cash rebates, and refunds are recognized as a reduction of room revenues. Occupancy, hotel, and sales taxes collected from customers and remitted to the taxing authorities are excluded from revenues in the accompanying consolidated statements of operations. Included in franchise and other fee-based revenues are franchise fee revenues, which primarily consist of revenues from franchisees for application and initial fees, royalty, reservations, and training, as well as fees related to our guest loyalty program (“Returns”). We recognize franchise fee revenue on a gross basis because we (1) are the primary obligor in these arrangements, (2) have latitude in establishing rates, (3) perform the services delivered, (4) have some discretion over supplier selection, and (5) determine the specification of services delivered. The different types of franchise fee revenues are described as follows: · Upon execution of a franchise agreement, a franchisee is required to pay us an initial fee. We recognize the initial fee as revenue when substantial performance of our obligations to the franchisee with respect to the initial fee has been achieved. In most cases, the vast majority of the initial fee is recognized as revenue when each franchise agreement is signed as, after that date, our remaining obligations to the franchisee are limited to (1) pre-opening inspections, for which we defer $2,500, and (2) if mandated by us or agreed to with the franchisee, preopening training and marketing support related to entry into the La Quinta brand, for which we defer $5,000. These amounts represent an estimate of the value provided to the franchisee related to the services provided, and are based on our experience with time, materials, and third-party costs necessary to provide these services. We recognize the remaining deferred initial fee as revenue when the franchised property opens as the remaining service obligations have been fulfilled. · For franchise agreements entered into prior to April 1, 2013, we collect a monthly royalty fee from franchisees generally equal to 4.0% of their room revenues until the franchisee has operated as a La Quinta hotel for twenty-four consecutive months. Beginning in the twenty-fifth month of operation, the franchisee monthly royalty fee increases to 4.5%. Pursuant to franchise agreements entered into with new U.S. franchisees on or after April 1, 2013, we collect a royalty fee from franchisees equal to 4.5% of their room revenues until the franchisee has operated as a La Quinta hotel for twenty-four consecutive months. Beginning in the twenty-fifth month of operation, the franchisee monthly royalty fee increases to 5.0%. In each of these cases, the franchisee has the opportunity to earn the additional 0.5% back via rebate by achieving certain defined customer satisfaction results. Pursuant to franchise agreements entered into with franchisees outside of the U.S. on or after April 1, 2013, we generally collect a royalty fee from franchisees equal to 4.5% of their room revenues throughout the term and do not offer a rebate. · We receive reservation and technology fees, as well as fees related to Returns, in connection with franchising our La Quinta brand. Such fees are recognized based on a percentage of the franchisee’s eligible hotel room revenues or room count. We also perform certain other services for franchisees such as training and revenue management. Revenue for these services is recognized at the time the services are performed. Included in franchise and other fee-based revenues are management fees of approximately $0.7 million and $2.3 million for the years ended December 31, 2014 and 2013, respectively, which represent fees earned from the Previously Managed Hotels, prior to their acquisition on April 14, 2014. Management fees from hotels include a base fee, which is generally a percentage of hotel revenues. (See Note 11) Other hotel revenues include revenues generated by the incidental support of hotel operations for owned hotels and other rental income. We record rental income from operating leases associated with leasing space for restaurants, billboards, and cell towers. Rental income is recognized on a straight-line basis over the life of the respective lease agreement. Brand marketing fund revenues from franchise and managed properties represent fees collected from franchised and managed hotels related to maintaining our Brand Marketing Fund (“BMF”). We maintain the BMF on behalf of all La Quinta branded hotel properties, including our owned hotels, from which national marketing and advertising campaign expenses are paid. Each La Quinta branded hotel is charged a percentage of its room revenue from which the expenses of the fund are covered. The corresponding expenditures of the BMF fees collected from franchised and managed hotels are presented as brand marketing fund expenses from franchised and managed hotels in our consolidated statements of operations, resulting in no net impact to operating income or net loss. Cash and cash equivalents— We consider all cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist of highly liquid investments that are stated at cost, which approximates fair market value. Certain balances in cash and cash equivalents exceed the Federal Deposit Insurance Corporation limit of $250,000; however, we believe credit risk related to these deposits is minimal. Restricted cash— On April 14, 2014, our previously restricted cash was released from restriction due to the refinancing of our debt. Prior to April 14, 2014, restricted cash classified as current assets consists of cash restricted under the terms of our previous debt agreements and held in collateral property hotel depositories, escrow accounts primarily for the payment of capital expenditures, taxes, debt service, insurance losses, and ground leases, and a cash deposit for a letter of credit (See Note 7). Restricted cash consists of cash and cash equivalents that are stated at cost, which approximates fair market value. Classification of restricted cash is based on the nature of the restrictions associated with the underlying assets. Accounts receivable— Accounts receivable primarily consists of receivables due from franchisees, hotel guests, credit card companies and insurance settlements. Accounts receivable are carried at estimated collectable amounts. We periodically evaluate our receivables for collectability based on historical experience, the length of time receivables are past due, and the general economy. We provide an allowance for doubtful accounts, after considering factors that might affect the collection of accounts receivable, including historical losses and the ability of the party to meet its obligations to us. Accounts receivable are written off when determined to be uncollectable. Property and equipment— Property and equipment are stated at cost less accumulated depreciation computed using a straight-line method over the estimated useful life of each asset. Property and equipment consists of the following, along with associated estimated useful lives: Buildings and improvements 5 to 40 years Hotel equipment, automobiles, furniture, and fixtures 2 to 10 years Leasehold improvements shorter of the lease term or the estimated useful life We periodically review the useful lives of our long-lived assets based on current assessments of the remaining utility of our assets. Such changes are accounted for prospectively and would either increase or decrease depreciation expense in the accompanying combined statements of operations. We capitalize expenditures that increase the overall value of an asset or extend an asset’s life, typically associated with hotel refurbishment, renovation, and major repairs. Such costs primarily include third party contract labor, professional design and construction costs, including associated materials, and other direct and indirect costs, such as sales and use tax and interest costs, incurred during the redevelopment and renovation period. The capitalization period begins when the activities related to development have begun and ceases when the project is substantially complete and the assets are held available for use or occupancy. Once a redevelopment project is substantially complete and the associated assets are ready for intended use, costs related to the redevelopment project are no longer capitalized. Additionally, we capitalize costs such as construction administration, cost accounting, design and other various office costs that clearly relate to projects under development or construction (“Indirect Costs”). Total capitalized Indirect Costs for the year ended December 31, 2015 was $2.7 million and $3.0 million for the years ended December 31, 2014 and 2013, respectively. Normal maintenance and repair costs are expensed as incurred. When depreciable property is retired or disposed, the related cost and accumulated depreciation or amortization is removed from the applicable accounts and any gain or loss is reflected in the accompanying combined statements of operations. Assets held for sale— Long-lived assets are classified as held for sale when all of the following criteria are met: · Management, having the authority to approve the action, commits to a plan to sell the asset and does not expect significant changes to the plan or that the plan will be withdrawn · The asset is available for immediate sale in its present condition · The asset is being actively marketed · The sale of the asset is probable within one year When we identify a long-lived asset as held for sale, depreciation of the asset is discontinued and the carrying value is reduced, if necessary, to the estimated sales price less costs to sell by recording a charge to current earnings. All assets held for sale are monitored through the date of sale for potential adjustments based on offers we are willing to take under serious consideration and continued review of facts and circumstances. Losses on sales are recorded to the extent that the amounts ultimately received for the sale of assets differ from the adjusted book values of the assets. Gains on sales are recognized at the time the assets are sold, provided there is reasonable assurance the sales price will be collected and any future activities to be performed by the Company relating to the assets sold are expected to be insignificant. Fair value measurements— Fair value is defined as the price that would be received to sell an asset or pay to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In evaluating the fair value of both financial and non-financial assets and liabilities, we use the accounting guidance that establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels, which are as follows: · Level 1—Quoted prices in active markets for identical assets or liabilities. · Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuations in this category are inherently less reliable than quoted market prices due to the degree of subjectivity involved in determining appropriate methodologies and the applicable underlying observable market assumptions. · Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. These inputs cannot be validated by readily determinable market data and generally involve considerable judgment by management. We use the highest level of observable market data if such data is available without undue cost and effort. Valuation and impairment of long-lived assets— We review the performance of long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We also identify properties we intend to sell and properties we intend to hold for use. For each asset or group of assets held for use with indicators of impairment, we compare the sum of the expected future cash flows (undiscounted and without interest charges) generated by the asset or group of assets with its associated net carrying value. If the net carrying value of the asset or group of assets exceeds expected undiscounted future cash flows, the excess of the net book value over estimated fair value is charged to impairment loss in the accompanying combined statements of operations. Properties held for sale are reported at the lower of their carrying amount or their estimated sales price, less estimated costs to sell. We estimate fair value primarily using Level 3 inputs by (1) calculating the discounted expected future cash flows, and (2) calculating expected liquidated sales proceeds, relying on common hotel valuation methods such as multiples of room revenues or per room valuations. Our estimate of fair value of the asset using these Level 3 inputs then becomes the new basis of the asset or group of assets and this new basis is then depreciated over the asset’s remaining useful life. We may be subject to impairment charges in the future, in the event that operating results of individual hotel operations are materially different from its forecasts, the economy or the lodging industry weakens, or if the assumed holding period of a hotel is shortened. Intangible assets— Intangible assets consist of trademarks, franchise agreements and management contracts, Returns membership list, and leasehold interests. Owned trademarks are not amortized but are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets with a definite life are amortized on a straight-line basis over their estimated useful lives, which consist of the following: Franchise agreements, management contracts and other 3 to 20 years Returns membership list 3 years Leasehold interests — 2 to 49 years Derivative instruments — We use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. We do not enter into derivative financial instruments for trading or speculative purposes. We record all derivatives at fair value. On the date the derivative contract is entered, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (“cash flow hedge”), a hedge of the fair value of a recognized asset or liability (“fair value hedge”), or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge or net investment hedge are recorded in the consolidated statements of comprehensive income (loss) until they are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged in the consolidated statements of cash flows. If we determine that we qualify for and will designate a derivative as a hedging instrument at the designation date, we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. This process includes matching all derivatives that are designated as cash flow hedges to specific forecasted transactions, linking all derivatives designated as fair value hedges to specific assets and liabilities in our consolidated balance sheets, and determining the foreign currency exposure of net investment of the foreign operation for a net investment hedge. On a quarterly basis, we assess the effectiveness of our designated hedges in offsetting the variability in the cash flows or fair values of the hedged assets or obligations via use of a statistical regression approach. Additionally, we measure ineffectiveness using the hypothetical derivative method. This method compares the cumulative change in fair value of each hedging instrument to the cumulative change in fair value of a hypothetical hedging instrument, which has terms that identically match the critical terms of the respective hedged transactions. Thus, the hypothetical hedging instrument is presumed to perfectly offset the hedged cash flows. Ineffectiveness results when the cumulative change in the fair value of the hedging instrument exceeds the cumulative change in the fair value of the hypothetical hedging instrument. We discontinue hedge accounting prospectively when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is sold, terminated or exercised. Insurance and self-insurance programs— We purchase insurance to limit the risk of loss associated with our lodging operations and use paid loss retrospective insurance for exposures covered under commercial general liability, automobile liability, and workers’ compensation insurance policies. Predetermined loss deductibles and self-insured retentions and liability limits have been selected to limit the per occurrence cash outlay. We have a self-insurance program for major medical and hospitalization coverage offered to employees and their dependents that is partially funded by payroll deductions from our employees. Under the self-insurance program, payments for major medical and hospitalization to individual participants which are below specified deductible amounts are paid by us through a third party administrator. As of December 31, 2015 and 2014, we accrued the following liabilities related to these insurance programs: (In thousands) 2015 2014 Automobile and general liability insurance $ 21,769 $ 22,485 Workers’ compensation 8,360 5,516 Health insurance 1,242 659 $ 31,371 $ 28,660 The liability for automobile and general liability insurance is included in accrued expenses and other liabilities and the liability for workers’ compensation and health insurance is included in accrued payroll and employee benefits in the accompanying combined balance sheets. Customer loyalty program— We administer Returns, which allows members to earn points based on certain dollars spent. Members may redeem points earned for free night certificates, gift cards, airline miles, and a variety of other awards. We account for the economic impact of points earned by accruing an estimate of its liability for unredeemed points. The expense related to this estimate includes the incremental cost of the stay at one of our hotels or the value of awards purchased from program partners. We estimate the future redemption obligation based upon historical experience, including an estimate of “breakage” for points that will never be redeemed. The estimate is based on a calculation that includes assumptions for the redemption rate, redemption type (whether for a free night certificate or other award), rate of redemption at Company-owned hotels versus franchised hotels and the number of points required per stay. The net expenses of the Returns program are charged to marketing, promotional and other advertising expenses in the accompanying combined statements of operations. As of December 31, 2015 and 2014, the total liability for Returns points was approximately $15.6 million and $14.2 million, respectively, of which $5.7 million and $5.5 million are included in accrued expenses and other liabilities, representing the estimated points expected to be redeemed in the next year. The remainder is included within other long-term liabilities in the accompanying combined balance sheets. Actual financial results of the Returns program may vary from our estimate due primarily to variances from assumptions used in the calculation of the obligation for future redemptions and changes in member behavior. These variances are accounted for as changes in estimates and are charged to operations as they become known. Non-controlling interests— Non-controlling interests are recognized within total equity in our consolidated balance sheets, reflected in net loss attributable to non-controlling interests in our consolidated statements of operations, and included in our consolidated statements of equity. We hold a 60% controlling equity interest in a joint venture. The joint venture owns and operates one hotel in New Orleans, Louisiana. The non-controlling interest, totaling 40%, represents the external partner’s interest in the joint venture of approximately $2.9 million and $3.1 million as of December 31, 2015 and 2014, respectively. Total distributions to the non-controlling interest holder were approximately $0.5 million, $0.6 million and $0.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. As described in Note 1, effective April 14, 2014 we acquired LQM. Prior to the acquisition date, we consolidated LQM, and LQM’s results of operations and net equity or deficit were presented as a non-controlling interest. Direct lodging expenses— Direct lodging expenses primarily consist of direct labor costs, repairs and maintenance, utilities, and other advertising costs to operate our owned hotels. Other lodging and operating expenses— Other lodging and operating expenses consist of indirect costs to operate our owned hotels such as property taxes and insurance. General and administrative expenses— General and administrative expenses consist of items such as corporate operating expenses including operations, information technology, accounting, legal, human resources, and equity based compensation. Marketing, promotional and other advertising expenses— Marketing, promotional, and other advertising expenses consist of BMF expenses not paid for with funds received from franchised or managed hotels, expenses related to other customer loyalty programs such as Returns, and other advertising expenses. Advertising costs— We incur advertising costs associated with general promotion of the La Quinta brand and specific advertising and marketing support for our operation and for the operations of our franchisees. We expense the production cost of advertising the first time the advertising is publicly displayed. For the years ended December 31, 2015, 2014 and 2013, we incurred advertising and promotional expenses included within the following in the accompanying combined statements of operations: (In thousands) 2015 2014 2013 Direct lodging expenses $ 5,615 $ 5,802 $ 6,300 Other lodging and operating expenses — — 167 General and administrative expenses 1,249 1,572 1,324 Marketing, promotional and other advertising expenses 61,209 52,195 47,796 Total $ 68,073 $ 59,569 $ 55,587 Long-term debt amendments— We may elect to amend, extend, repay, or otherwise modify the terms of our long-term debt arrangements. When such a transaction occurs, we determine the appropriate accounting treatment primarily by first determining whether we have been fully relieved of our obligation by the creditor. If so, we recognize an extinguishment of debt and calculate a gain or loss which is reflected as gain or loss on extinguishment of debt in the accompanying combined statements of operations. If we are not fully relieved of our obligation by the creditor, we consider whether the amended debt agreement has substantially different terms, generally defined as a change in cash flows, on a present value basis, of 10 percent or greater. If the terms are not substantially different, we account for the change as a modification. If the terms are substantially different, we account for the change as an extinguishment of the old debt and the issuance of a new debt instrument. The determination of modification or extinguishment status then governs the expense versus deferral treatment of third party costs paid related to the modification. Equity Based Compensation — We recognize the cost of services received in an equity based payment transaction with an employee as services are received and record either a corresponding increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria. The measurement objective for these equity awards is the estimated fair value at the grant date of the equity instruments that we are obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. The compensation cost for an award classified as an equity instrument is recognized ratably over the requisite service period, including an estimate of forfeitures. The requisite service period is the period during which an employee is required to provide service in exchange for an award. Compensation cost for awards with performance conditions is recognized over the requisite service period if it is probable that the performance condition will be satisfied. If such performance conditions are not considered probable until they occur, no compensation expense for these awards is recognized. Income Taxes — The accompanying consolidated financial statements include taxable entities, limited liability companies, and, through April 14, 2014, REIT entities. Limited liability companies and REITs generally are not subject to federal income taxes at the entity level. For our taxable subsidiaries, we account for income taxes using the asset and liability approach for financial accounting and reporting purposes. For financial reporting purposes, income tax expense or benefit is based on reported financial accounting income or loss before income taxes related to our taxable subsidiaries. Deferred tax assets and liabilities reflect the temporary differences between assets and liabilities recognized for financial reporting and the analogous amounts recognized for tax purposes using the statutory tax rates expected to be in effect for the year in which the differences are expected to reverse, within the taxable subsidiaries. Prior to the IPO, certain of our subsidiaries had elected to be treated as REITs for federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). To qualify as REITs, these subsidiaries had to meet all of the required organizational and operational requirements, including a requirement that the REIT distribute at least 90% of its regular taxable income to its shareholders as dividends eligible for the dividends paid deduction. Prior to the IPO, the REIT subsidiaries adhered to these requirements. If the REIT subsidiaries failed to qualify as REITs in any taxable year, they would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and might not qualify as REITs for the four subsequent taxable years. For this reason, one of our REITs formed taxable subsidiaries to hold certain assets that could have otherwise adversely affected its REIT status. These taxable subsidiaries are or were subject to federal and state income taxes. On April 14, 2014, the La Quinta Predecessor Entities were contributed to Holdings, a “C” corporation, the shares of capital stock held by third-party shareholders of our REIT entities were redeemed for cash totaling approximately $3.9 million, and our REITs were converted into limited liability companies. As a result of these transactions, we have become subject to additional entity-level taxes and, as of April 14, 2014, we recorded a one-time net deferred tax expense of $321.1 million, which reflects the establishment of the associated net deferred tax liability. We evaluate the probability of realizing the future benefits of deferred tax assets and provide a valuation allowance for the portion of any deferred tax assets where the likelihood of realizing an income tax benefit in the future does not meet the more-likely-than-not criteria for recognition. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. We accrue interest and, if applicable, penalties for any uncertain tax positions. Our policy is to classify interest and penalties as a component of income tax expense. The Company has open tax years dating back to 2010. The State of Texas imposes a margin tax of 0.75%, based on the prior year’s Texas-sourced gross receipts. This tax is treated as an income tax and accrued in the accounting period in which the taxable gross receipts are recognized. We are required by certain foreign jurisdictions to have franchisees withhold, for income tax purposes, a percentage of revenues related to royalties and certain other revenues. For the years ended December 31, 2013 and 2012, the withholding rate was up to 30%. For the period from January 1, 2014 to April 13, 2014, the withholding rates were up to 35%. For the period from April 14, 2014 to December 31, 2015, the withholding rate was between 10% and 33% depending upon the country, after the application of certain tax treaties between the U.S. and certain countries. These taxes are treated as an income tax and expensed in the period in which the taxable gross receipts are recognized. Comprehensive income— Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources and includes all changes in equity during a period, except those resulting from investments by owners and distributions to owners. Concentrations of credit risk and business risk — Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents, and restricted cash. We utilize financial institutions that we consider to be of high credit quality and consider the risk of default to be minimal. We also monitor the credit-worthiness of our customers and financial institutions before extending credit or making investments. Lodging operations are particularly sensitive to adverse economic and competitive conditions and trends, which could adversely affect the Company’s business, financial condition, and results of operations. Geographic concentrations, which potentially subject us to concentrations of business risk, relate primarily to locations of hotels and the revenue recognized in various states within the United States. We have a concentration of hotels operating in Texas and Florida. The percentages of our total revenues, including revenue from discontinued operations, from these states for the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 Texas 22 % 23 % 26 % Florida 17 % 16 % 13 % Total 39 % 39 % 39 % Newly Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Stand

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations	12 Months Ended
	Dec. 31, 2015
Discontinued Operations And Disposal Groups [Abstract]
Assets Held for Sale and Discontinued Operations	NOTE 3. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS Assets Held for Sale During the third quarter of 2015, 24 of our hotels and one additional restaurant parcel were classified as assets held for sale. The sale of these assets does not represent a major strategic shift and does not qualify for discontinued operations reporting. During the fourth quarter of 2015, 11 of the hotels were sold for $34.1 million, net of transaction costs. The current terms of the definitive purchase and sale agreement provides that the sale of the remaining 13 hotels that are held for sale to close by the end of the first quarter of 2016. As of December 31, 2015, the carrying amounts of the major classes of assets for the assets held for sale were as follows: December 31, 2015 (in thousands) Current assets $ 221 Property and equipment, net 34,982 Other non-current assets 320 Total assets held for sale $ 35,523 Discontinued Operations During the second quarter of 2013, 44 of our hotels were classified as assets held for sale, and the results of their operations, in accordance with accounting rules in place at that time, have been presented within discontinued operations for all affected periods presented in the accompanying condensed consolidated statements of operations. During the third and fourth quarters of 2013, 40 of these hotels were sold. On February 6, 2014, the four remaining hotels were sold. In accordance with the terms of our loan agreements existing at the time of such sales, all proceeds associated with the sale of these hotels were used to make principal payments on our long-term debt. The following table summarizes the results of the discontinued operations: For the years ended December 31, 2014 2013 (in thousands) Hotel revenues $ 361 $ 41,477 Direct lodging expenses 651 25,780 Other lodging and operating expenses 62 4,317 Operating income (352 ) 11,380 Depreciation and amortization — (5,056 ) Impairment charge (see note 10) (151 ) (19,533 ) Gain on sale from discontinued operations — 10,714 Loss on discontinued operations $ (503 ) $ (2,495 )

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions	NOTE 4. ACQUISITIONS In connection with the acquisitions described below, we recorded the assets acquired and liabilities assumed at fair value as of the acquisition date. Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, were expensed in the period incurred and were not capitalized or applied in determining the fair value of the acquired assets. Acquisition of the Previously Managed Hotels and LQ Management L.L.C. On April 14, 2014, we acquired BRE/Prime Mezz L.L.C. and BRE/Wellesley Properties L.L.C., which owned the Previously Managed Hotels, for a total purchase price of $161.7 million. Total net consideration paid was $150.8 million, which equals the total purchase price of $161.7 million less $10.9 million owed by the parent of BRE/Prime Mezz L.L.C. and BRE/Wellesley Properties L.L.C. to the La Quinta Predecessor Entities. The total net consideration was paid in the form of $76.9 million of cash and $73.9 million of equity in the form of common stock of Holdings. Of the total $161.7 million purchase price, significant assets acquired consist of $166.5 million of property and equipment and $1.4 million in intangible assets for favorable leasehold interests. Other significant long term liabilities acquired include unfavorable leasehold interests of $5.3 million. Additionally on April 14, 2014, we acquired 100% of the ownership interests of LQM for $0.8 million in cash. The following unaudited pro forma results of operations reflect our results as if the acquisition of the Previously Managed Hotels had occurred on January 1, 2013. In our opinion, all significant adjustments necessary to reflect the effects of the acquisitions have been made (in thousands, except per share data): For the years ended December 31, 2014 2013 Total revenues $ 988,858 $ 909,433 Net income (loss) attributable to La Quinta Holdings’ stockholders (333,698 ) 11,131 Basic and diluted earnings (loss) per share (2.65 ) 0.09

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 5. INTANGIBLE ASSETS Intangible assets consist of both finite-lived and indefinite-lived assets. The following is a summary of our intangible assets as of December 31, 2015 and 2014: 2015 2014 Weighted average remaining life Amount Weighted average remaining life Amount (in thousands) (in thousands) Finite-lived assets: Favorable leasehold interests—hotels, restaurants, offices 27 years $ 9,680 28 years $ 9,680 Franchise agreements, management contracts and other 5 years 18,015 6 years 18,015 Returns membership list — (1) 3,200 — (1) 3,200 Accumulated amortization (22,234 ) (20,923 ) Total finite–lived assets 8,661 9,972 Indefinite-lived assets; Trademarks—La Quinta 169,434 169,434 Total $ 178,095 $ 179,406 (1) As of December 31, 2015 and 2014, the Returns membership list has been fully amortized. For the years ended December 31, 2015 2014 2013 (in thousands) Amortization expense related to intangible assets: Depreciation and amortization expense $ 937 $ 1,075 $ 1,210 Direct lodging operations 374 365 320 Total amortization expense $ 1,311 $ 1,440 $ 1,530 As of December 31, 2015, estimated amortization expense related to intangible assets for the years ending December 31 is as follows (in thousands): 2016 $ 1,094 2017 1,019 2018 908 2019 897 2020 797 Thereafter 3,946 $ 8,661 The accumulated amortization and related amortization expense described above do not include the impact of unfavorable leasehold interests which are reflected within other non-current liabilities in the accompanying combined balance sheets. For the years ended December 31, 2015, 2014 and 2013, approximately $1.1 million, $1.0 million and $0.9 million of amortization expense, related to unfavorable leasehold interests, was reported as a reduction of depreciation and amortization expenses in the accompanying combined statements of operations.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2015
Property Plant And Equipment [Abstract]
Property and Equipment	NOTE 6. PROPERTY AND EQUIPMENT The following is a summary of property and equipment as of December 31, 2015 and 2014: 2015 2014 (in thousands) Land $ 796,790 $ 836,514 Buildings and improvements 2,703,293 2,799,967 Furniture, fixtures, equipment and other 408,190 403,271 Total property and equipment 3,908,273 4,039,752 Less accumulated depreciation (1,288,281 ) (1,214,450 ) Property and equipment, net 2,619,992 2,825,302 Construction in progress 3,480 946 Total property and equipment, net of accumulated depreciation $ 2,623,472 $ 2,826,248 Depreciation and amortization expense related to property and equipment was $166.4 million, $165.4 million and $160.9 million for the years ended December 31, 2015, 2014 and 2013 respectively. Construction in progress includes capitalized costs for ongoing projects that have not yet been put into service.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 7. LONG-TERM DEBT Long-term debt as of December 31, 2015 and 2014 was as follows: 2015 2014 (in thousands) Current portion of term facility $ 17,514 $ 19,001 Long-term portion of term facility 1,694,585 1,840,510 Total long term debt $ 1,712,099 $ 1,859,511 (1) As of December 31, 2015 and 2014, the 30 day United States dollar London Interbank Offering Rate (“LIBOR”) was 0.36% and 0.16%, respectively. As of December 31, 2015, the interest rate, maturity date and principal payments on the Term Facility were as follows: · The terms of the Term Facility require us to make certain scheduled principal payments quarterly beginning September 30, 2014. Final maturity is April 2021. During year ended December 31, 2015, we made voluntary principal prepayments totaling $135.0 million and quarterly scheduled principal payments totaling $17.7 million. · The interest rate for the Term Facility through July 31, 2015 was LIBOR with a floor of 1.0% plus a spread of 3.0%. As of July 31, 2015, we achieved a consolidated first lien net leverage ratio of less than 4.50 to 1.00, and as a result the rate decrease to LIBOR with a floor of 1.0% plus a spread of 2.75% for the period from August 1, 2015 to December 31, 2015. Included in the Term Facility as of December 31, 2015 and 2014 is an unamortized original issue discount of $8.2 million and $9.6 million, respectively. As of December 31, 2015 and 2014, we had $16.5 million and $18.6 million, respectively, in accrued interest included within accrued expenses and other liabilities in the accompanying condensed Term Facility On April 14, 2014, Holdings’ wholly owned subsidiary, La Quinta Intermediate Holdings L.L.C. (the “Borrower”), entered into a new credit agreement (the “Agreement”) with JPMorgan Chase Bank, N.A. (“JPM”), as administrative agent, collateral agent, swingline lender and L/C issuer, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, and Wells Fargo Securities, LLC, as joint lead arrangers and joint book runners, and the other agents and lenders from time to time party thereto. The credit agreement provides for senior secured credit facilities (collectively the “Senior Facilities”) consisting of: · $2.1 billion senior secured term loan facility (the “Term Facility”), which will mature in 2021; and · $250 million senior secured revolving credit facility (the “Revolving Facility”), $50 million of which is available in the form of letters of credit, which will mature in 2019. The Revolving Facility includes borrowing capacity available for letters of credit and for short-term borrowings referred to as the swing line borrowings. In addition, the Senior Facilities also provide the Borrower with the option to (1) raise incremental credit facilities including an uncommitted incremental facility that provides the Borrower the option to increase the amounts available under the Term Facility and/or the Revolving Facility by an aggregate of up to $350 million, subject to additional increases upon achievement of a consolidated first lien net leverage ratio of less than or equal to 6.00 to 1.00 (or, after the first anniversary of the closing date, 5.75 to 1.00), (2) refinance the loans with debt incurred outside the Senior Facilities, and (3) extend the maturity date of the Revolving Credit Facility and Term Facility, subject to certain limitations. The proceeds of the Term Facility, together with the net cash proceeds of the IPO and other cash on hand, were used to repay the Holdco I Mortgage Loan and Mezzanine Loans (collectively the “ Holdco I Loans”) and the Holdco III Mortgage Loan, and to acquire the Previously Managed Hotels. Upon completion of the refinancing, we recognized a $2.0 million loss on extinguishment of debt in our consolidated statements of operations. We also incurred $28.7 million of debt issuance costs for the Senior Facilities, which is being amortized over the terms of the underlying debt agreement. As of December 31, 2015 and 2014, the net balance of these debt issuance costs included in our consolidated balance sheet was $22.4 million and $26.2 million, respectively. Interest Rate and Fees —Borrowings under the Term Facility bear interest, at the Borrower’s option, at a rate equal to a margin over either (a) a base rate determined by reference to the highest of (1) the JPM prime lending rate, (2) the Federal Funds Effective Rate plus 1/2 of 1.00% and (3) the adjusted LIBOR rate for a one-month interest period plus 1.00% or (b) a LIBOR rate determined by reference to the Reuters LIBOR rate for the interest period relevant to such borrowing. The margin for the Term Facility is 2.00%, in the case of base rate loans, and 3.00%, in the case of LIBOR rate loans, subject to one step-down of 0.25% upon the achievement of a consolidated first lien net leverage ratio (as defined in the Agreement) of less than or equal to 4.50 to 1.00, subject to a base rate floor of 2.00% and a LIBOR floor of 1.00%. As of July 31, 2015, we achieved a consolidated first lien net leverage ratio of less than 4.50 to 1.00, and, as a result we realized the step-down of 0.25% after that date. Borrowings under the Revolving Facility bear interest, at the Borrower’s option, at a rate equal to a margin over either (a) a base rate determined by reference to the highest of (1) the JPM prime lending rate, (2) the Federal Funds Effective Rate plus 1/2 of 1.00% and (3) the adjusted LIBOR rate for a one-month interest period plus 1.00% or (b) a LIBOR rate determined by reference to the Reuters LIBOR rate for the interest period relevant to such borrowing. The margin for the Revolving Facility is 1.50%, in the case of base rate loans, and 2.50%, in the case of LIBOR rate loans, subject to three step-downs of 0.25% each upon the achievement of a consolidated first lien net leverage ratio of less than or equal to 5.00 to 1.00, 4.50 to 1.00 and 4.00 to 1.00, respectively. As of March 2, 2015, we achieved a consolidated first lien net leverage ratio of less than 5.00 to 1.00, and after March 2, 2015 we realized the first step-down in margin of 0.25%. As of July 31, 2015, we achieved a consolidated first lien net leverage ratio of less than 4.50 to 1.00, and, as a result we realized the second step-down of 0.25% after that date. In addition, the Borrower is required to pay a commitment fee to the lenders under the Revolving Facility in respect of the unutilized commitments thereunder. The commitment fee rate is 0.50% per annum subject to a step-down to 0.375%, upon achievement of a consolidated first lien net leverage ratio less than or equal to 5.00 to 1.00. As of March 2, 2015, we achieved a consolidated first lien net leverage ratio of less than 5.00 to 1.00, and after March 2, 2015, the commitment fee rate is 0.375%. The Borrower is also required to pay customary letter of credit fees. The Borrower incurred a ticking fee of approximately $1.8 million for the period between the date the allocations were notified to the lenders, February 21, 2014, and the closing date of the Senior Facilities of April 14, 2014. Prepayments —The Term Facility requires mandatory prepayments, subject to certain exceptions, with: · 50% (which percentage will be reduced to 25% and 0%, as applicable, subject to achievement of a consolidated first lien net leverage ratio of less than or equal to 5.25 to 1.00 and 4.00 to 1.00, respectively) of annual excess cash flow, calculated in accordance with the Agreement; · 100% of the net cash proceeds (including insurance and condemnation proceeds) of all non-ordinary course asset sales or other dispositions of property by the Borrower and its restricted subsidiaries subject to de minimus thresholds, if those net cash proceeds are not reinvested in assets to be used in the Borrower’s business or to make certain other permitted investments (a) within 12 months of the receipt of such net cash proceeds or (b) if the borrower commits to reinvest such net cash proceeds within 12 months of the receipt thereof, within 180 days of the date of such commitment; and · 100% of the net proceeds of any incurrence of debt by the Borrower or any of its restricted subsidiaries, other than debt permitted to be incurred or issued under the Senior Facilities. Each lender of the Term Facility will have the right to reject its pro rata share of mandatory prepayments described above, in which case the Borrower may retain the amounts so rejected. The foregoing mandatory prepayments will be applied to installments of the Term Facility in direct order of maturity. The Borrower has the ability to voluntarily repay outstanding loans at any time without premium or penalty, other than customary “breakage” costs with respect to LIBOR loans. Amortization —Beginning September 2014, the Borrower is required to repay installments on the Term Facility in quarterly installments equal to 0.25% of the original principal amount less any prepayments on the Term Facility, with the remaining amount payable on the applicable maturity date with respect to the Term Facility. Guarantees and security —The obligations under the Senior Facilities will be unconditionally and irrevocably guaranteed by Holdings, any subsidiary of Holdings that directly or indirectly owns any issued and outstanding equity interests of the Borrower, and, subject to certain exceptions, each of the Borrower’s existing and future material domestic wholly owned subsidiaries (collectively, the “Guarantors”). In addition, the Senior Facilities will be collateralized by first priority or equivalent security interests in (i) all the capital stock, or other equity interests in, the Borrower and each of the Borrower’s and the Guarantors’ material direct or indirect wholly owned restricted domestic subsidiaries, and 65% of the voting stock (and 100% of the nonvoting stock) of, or other equity interests in, each of the Borrower’s or any subsidiary guarantors’ material direct wholly owned first-tier restricted foreign subsidiaries, and (ii) certain tangible and intangible assets of the Borrower (other than real property except for certain real property described in the credit agreement) and Guarantors (subject to certain exceptions and qualifications). As of the closing date for the Senior Facilities, Holdings did not have any of its foreign subsidiaries, non-wholly owned domestic subsidiaries that are restricted subsidiaries or immaterial subsidiaries guarantee the Senior Facilities. The Borrower will also have the ability to designate certain subsidiaries as unrestricted subsidiaries utilizing its investment capacity under the Agreement. Certain covenants and events of default —The Agreement contains a number of significant affirmative and negative covenants and customary events of default. Such covenants, among other things, will limit or restrict, subject to certain exceptions, the ability of (i) Holdings, the direct parent of the Borrower, to engage in any material operating or business activities other than the ownership of the equity interests of the Borrower and (ii) the Borrower and its restricted subsidiaries to: · incur additional indebtedness and make guarantees; · create liens on assets; · enter into sale and leaseback transactions; · engage in mergers or consolidations; · sell certain assets; · make fundamental changes; · pay dividends and distributions or repurchase capital stock; · make investments, loans and advances; · engage in certain transactions with affiliates; · make changes in the nature of their business; and · make prepayments of junior debt. In addition, if, on the last day of any period of four consecutive quarters on or after the first full fiscal quarter following the closing of the Senior Facilities, the aggregate principal amount of the Revolving Facility, swing line loans and/or letters of credit (excluding up to $20 million of letters of credit and certain other letters of credit that have been cash collateralized or back-stopped) that are issued and/or outstanding is greater than 25% of the Revolving Facility, the Agreement will require the Borrower to maintain a consolidated first lien net leverage ratio not to exceed 8.0 to 1.0. During any period in which Holdings’ corporate issuer rating is equal to or higher than Baa3 (or the equivalent) according to Moody’s Investors Service, Inc. or BBB- (or the equivalent) according to Standard & Poor’s Ratings Services and no default has occurred and is continuing, the restrictions in the Senior Facility regarding incurring additional indebtedness, dividends and distributions or repurchases of capital stock and transactions with affiliates will not apply to the Borrower and its restricted subsidiaries. The Senior Facilities also contain certain customary representations and warranties, affirmative covenants and events of default. If an event of default occurs, the lenders under the Senior Facilities will be entitled to take various actions, including the acceleration of amounts due under the Senior Facilities and actions permitted to be taken by a secured creditor. As of December 31,2015, we were in compliance with all covenants under the Senior Facilities. Prior Debt Facilities Holdco I debt On July 6, 2007, we borrowed $2.40 billion under a mortgage loan agreement (“Mortgage Loan”) with Merrill Lynch Mortgage Lending, UBS Real Estate Securities, Inc. and Bank of America, N.A. (“B of A”). In December 2007, a portion of the Mortgage Loan was refinanced with a $50 million senior mezzanine loan, reducing the Mortgage Loan to $2.35 billion. In July 2007, we entered into five unsecured, mezzanine loans, totaling $700 million in aggregate. The senior mezzanine loan and the five unsecured, mezzanine loans are collectively referred to herein as the “Mezzanine Loans”. In May 2012, the terms of the Mortgage Loan and the Mezzanine Loans (together, the “Loans”) were amended (“Amendment”). Pursuant to the Amendment, certain interest rate spreads were increased, additional assets were pledged as collateral, cash distributions to Holdco I equity holders were prohibited, and we obtained the right, at our option, to one two-year term extension following the original maturity date of July 2012. On May 24, 2012, we exercised the option to extend the maturity date of the Loans for a period of two years to July 6, 2014. In connection with the Amendment, the Funds made a cash contribution to us of approximately $175 million. We used this contribution, along with approximately $101 million of available cash, to (1) make a principal payment of $180 million on the Mortgage Loan, (2) settle a portion of the Mezzanine Loans for approximately $69.8 million, resulting in a gain on early debt extinguishment of approximately $5.2 million, and (3) pay associated closing costs of which (i) $7.7 million was expensed as incurred and is included in other income (loss) in the accompanying consolidated statements of operations, and (ii) $4.0 million related to Mezzanine Loans was treated as loss on extinguishment and is included within gain on extinguishment of debt, net in the accompanying consolidated statements of operations. In accordance with the Amendment, we were obligated to make principal payments on the Mortgage Loan in an amount equal to (i) $12.5 million on the first scheduled debt service payment date following the last day of each of the calendar quarters ending in September 2012, December 2012, and March 2013, and (ii) $15.625 million on the first scheduled debt service payment date following the last day of each of the calendar quarters ending in June 2013, September 2013, December 2013, and March 2014. As of and for the year ended December 31, 2013, the Loans were collateralized by 314 of the Company’s owned hotel properties. Concurrently with the closing of the Amendment, a newly created limited liability company, BRE/LQ Franchise Sub-Holdings, LLC (“Franchise Holdco”), was formed which assumed ownership of the net assets of our franchising and other brand-related operations. In connection with the Amendment, 100% of the member interests of Franchise Holdco were pledged as collateral for the Loans. In addition, upon closing of the Amendment, the Lenders were granted a first-priority security interest in the cash assets of the entities owned by Franchise Holdco. The Loans could be prepaid in full without penalty. Subject to certain defined premiums, individual properties were able to be released as collateral after prepayment of a defined portion of the Loans. In connection with the Amendment, interest for portions of the Mortgage Loan were subject to a LIBOR floor of 1.0%, plus interest rate spreads ranging from 0.55% to 6.803%, resulting in a weighted average spread of 2.892% as of December 31, 2013, with all interest to be paid currently. In addition, interest for the Mezzanine Loans was subject to a LIBOR floor of 1.0%, plus interest rate spreads ranging from 9.0% to 13.9%, resulting in a weighted average spread of 11.59% as of December 31, 2013. For the Mezzanine Loans, any difference between current LIBOR and the LIBOR floor, as well as the increase in the spreads as a result of the Amendment is deferred until the maturity date of the Mezzanine Loans. Such deferred interest was not to be treated as part of the principal amount of the Mezzanine Loans for any calculation of interest or any other purpose, although it was considered debt under the Mezzanine Loans and secured accordingly. Holdco III debt In February 2007, subsidiaries of Holdco III entered into a $101.3 million mortgage loan (“Olympus Loan”) with B of A. The Olympus Loan was collateralized by eight hotels owned by us. Pursuant to the terms of the Olympus Loan, the Olympus Loan matured in February 2009; however, the Olympus Loan allowed us to extend the maturity date of the Olympus Loan for three successive one-year extensions, at our option. In February of each 2009, 2010, and 2011, we exercised these extension options. The Olympus Loan required monthly interest payments based upon LIBOR plus a spread of 1.4%. In June 2009, we extended the maturity date of our existing $250.0 million revolving credit facility (“Revolver”) with B of A and other lenders (“Revolver Lenders”) to June 26, 2010. The Revolver was collateralized by 20 hotels owned by us. In June 2010, we obtained a new mortgage loan (“HCIII Loan”) in the amount of $177.9 million which replaced the expiring Revolver, and the Funds concurrently made a contribution of $34.6 million which was used to release three collateralized properties. As a result, the HCIII Loan was collateralized by 17 of our hotels. Under the terms of the HCIII Loan, we were required to make monthly interest payments at LIBOR with a floor of 1.0% plus 3.5%. In December 2011, we amended and restated the HCIII Loan. Under the new terms of the loan, the Olympus Loan and HCIII Loan were combined into one mortgage loan (“Holdco III Mortgage Loan”) with an outstanding balance of $237.3 million, and the maturity date was extended to June 2013. The Holdco III Mortgage Loan was collateralized by 25 hotels owned by us. In connection with the closing of the Holdco III Mortgage Loan in December 2011, we made a principal payment on the Holdco III Mortgage Loan of approximately $7.8 million, paid fees of approximately $1.2 million and wrote off approximately $0.5 million of deferred financing costs. Further, B of A agreed to reduce the principal amount outstanding by approximately $11.9 million. The carrying amount of the Holdco III Mortgage Loan was not changed as a result of this reduction. The reduction in the amount outstanding was amortized as a reduction in interest expense through the extended maturity date using a straight-line basis, which approximated the effective interest method. In June 2013, we exercised our extension option and extended the maturity date of the Holdco III Mortgage Loan to July 2014. Under the terms of the Holdco III Mortgage Loan, we were required to make monthly interest payments at LIBOR with a floor of 1.0% plus a spread of 4.0% through July 2012, and thereafter at LIBOR with a floor of 1.0% plus a spread of 4.5%. Debt Maturity The contractual maturity of our Term Facility as of December 31, 2015 was as follows (1) (in thousands) Year 2016 $ 17,514 2017 17,514 2018 17,514 2019 17,514 2020 17,514 Thereafter 1,655,093 $ 1,742,663 (1) Excludes the deduction of debt issuance costs of $22.4 million and includes the unamortized portion of the original issue discount of $8.2 million. Letters of Credit As of December 31, 2015 and December 31, 2014, we have $14.6 million and $10.6 million, respectively, in letters of credit obtained through our Revolving Facility. In 2014, we were required to pay a fee of 2.63% per annum related to these letters of credit. As of March 2, 2015, we achieved a consolidated first lien net leverage ratio of less than 5.00 to 1.00, and after March 2, 2015 we realized the first step-down in rate of 0.25%, for a margin of 2.38%. Prior to our debt refinancing in April 2014, we had two letters of credit through Wells Fargo Bank, N.A. aggregating approximately $5.7 million as of December 31, 2013. We were required to pay a fee of 2.0% per annum related to these letters of credit. Interest Expense, Net Net interest expense, including the impact of our interest rate swap (see Note 8), consisted of the following for years ended December 31, 2015, 2014 and 2013: Description 2015 2014 2013 (in thousands) Term Facility $ 81,394 $ 65,994 $ — Mortgage Loan — 23,754 69,203 Holdco III Mortgage Loan — 3,206 12,121 Mezzanine Loans: Current — 3,107 9,025 Deferred — 18,601 52,877 Amortization of long-term debt reduction — (1,532 ) (4,595 ) Amortization of deferred financing costs 3,810 6,938 10,155 Amortization of original issue discount 1,400 912 — Other interest 10 14 22 Interest income (110 ) (49 ) (193 ) Total interest expense, net $ 86,504 $ 120,945 $ 148,615

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	NOTE 8. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES During the years ended December 31, 2015, 2014 and 2013, derivatives were used to hedge the interest rate risk associated with our variable-rate debt. Term Facility Interest Rate Swap On April 14, 2014, the Borrower entered into an interest rate swap agreement with an aggregate notional amount of $850.0 million that expires on April 14, 2019. This agreement swaps the LIBOR rate in effect under the new credit agreement for this portion of the loan to a fixed-rate of 2.0311%, which includes a 1% LIBOR floor. Management has elected to designate this interest rate swap as a cash flow hedge for accounting purposes. Interest Rate Caps Pursuant to the terms of the Holdco I Loans and the Holdco III Mortgage Loan, we were required to maintain interest rate caps. The effect of these interest rate cap agreements was to limit our maximum interest rate exposure with respect to increases in LIBOR. We purchased and maintained these interest rate caps until July 2014 when they expired, and the related gain or loss on these investments is reflected within other income (loss) in the accompanying consolidated statements of operations. We did not elect to designate any of these interest rate caps as effective hedging instruments. Fair Value of Derivative Instruments The effects of our derivative instruments on our consolidated balance sheets were as follows: December 31, 2015 December 31, 2014 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value (in thousands) Cash Flow Hedges: Interest rate swap Other non- current long-term liabilities $ (11,440 ) Other non- current long-term liabilities $ (4,811 ) Earnings Effect of Derivative Instruments The effects of our derivative instruments on our consolidated statements of operations and consolidated statements of comprehensive income, net of the effect for income taxes, were as follows: Classification (Loss) Recognized 2015 2014 2013 (in thousands) Cash Flow Hedges: Interest rate swap (1) Other comprehensive income $ (4,309 ) $ (3,127 ) $ — Non-designated Hedges: Interest rate caps Other income (loss) — — (135 ) (1) There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing during the years ended December 31, 2015 and 2014.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 31, 2015
Payables And Accruals [Abstract]
Accrued Expenses and Other Liabilities	NOTE 9. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities include the following as of December 31, 2015 and 2014: (In thousands) 2015 2014 Accrued automobile and general liability insurance $ 21,769 $ 22,485 Accrued sales and occupancy taxes 9,431 11,981 Accrued liability for guest loyalty program points 5,732 5,484 Accrued interest 16,487 18,551 Other accrued expenses 9,701 12,616 Total accrued expenses and other liabilities $ 63,120 $ 71,117

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 10. FAIR VALUE MEASUREMENTS The carrying amount and estimated fair values of our financial assets and liabilities, which include related current portions, were as follows: December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Cash and cash equivalents (1) $ 86,709 $ 86,709 $ 109,857 $ 109,857 Interest rate swaps (2) (11,440 ) (11,440 ) (4,811 ) (4,811 ) Long-term debt (3)(4) 1,712,099 1,675,760 1,859,511 1,846,181 (1) Classified as Level 1 under the fair value hierarchy. (2) Classified as Level 2 under the fair value hierarchy. (3) Classified as Level 3 under the fair value hierarchy. (4) Carrying amount includes deferred debt issuance costs of $22.4 million and $26.2 million as of December 31, 2015 and 2014, respectively. We believe the carrying amounts of our cash and cash equivalents and restricted cash approximated fair value as of December 31, 2015 and December 31, 2014, as applicable. Our estimates of the fair values were determined using available market information and valuation methods appropriate in the circumstances. Considerable judgment is necessary to interpret market data and develop estimated fair values. Proper placement of fair value measurements within the valuation hierarchy is considered each reporting period. Third-party information received for calculating Level 3 fair value measurements is reviewed to ensure it is in accordance with GAAP. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. The fair values of interest rate swaps are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each instrument. This analysis reflects the contractual terms of the agreements, including the period to maturity, and uses observable market-based inputs, including forward interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. We estimate the fair value of our long-term debt using discounted cash flow analysis based on current market inputs for similar types of arrangements. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. We estimated the discount rate to be approximately 4.4%, as of December 31, 2015 and December 31, 2014. Fluctuations in these assumptions will result in different estimates of fair value. We test long-lived assets for impairment when events or changes in circumstances indicate that the asset might be impaired. In the second quarter of 2015, we identified a portfolio of 24 hotels where it became more likely than not the hotels would be sold significantly before the end of the previously estimated useful life. We recorded an impairment charge of $42.5 million to adjust the carrying value of these assets to their estimated fair value. The inputs used in determining the fair value in the second quarter for these 24 hotels were based on estimated selling prices ranging from $70.0 million to $75.0 million. During the third quarter of 2015, these assets met the criteria for classification as assets held for sale. In the fourth quarter, 11 of these hotels were sold. The inputs used in determining the fair value of the remaining 13 hotels are based on selling price, less estimated selling costs. The fair value estimate is considered to be Level 3 within the fair value measurement hierarchy. In the third quarter of 2015, we identified a restaurant parcel where it became more likely than not the restaurant would be sold significantly before the end of the previously estimated useful life. We recorded an impairment charge of $1.6 million to adjust the carrying value of this restaurant parcel to its estimated fair value. During the third quarter of 2015, this restaurant parcel met the criteria for classification as assets held for sale. The fair value estimate is considered to be Level 3 within the fair value measurement hierarchy. The inputs used in determining the fair value these assets are based on estimated selling price, less selling costs. In the fourth quarter of 2015, we identified a hotel where it became more likely than not that the carrying amount would not be recoverable due to a change in market and economic conditions. We recorded an impairment charge of $5.1 million to adjust the carrying value of this hotel to its estimated fair value. The fair value estimate is considered to be Level 3 within the fair value measurement hierarchy. The inputs used in determining the fair value are based on a combination of historical and projected cash flows and other available market information, such as recent sales prices for similar assets. For this purpose, fair value of the property was estimated primarily using expected present value of future cash flows. The fair value estimate is considered to be Level 3 within the fair value measurement hierarchy. The following fair value hierarchy table presents information about assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015: Level 1 Level 2 Level 3 Total Fair Value Impairment Charge (in thousands) 24 Owned Hotels Held for Sale (1) $ — $ — $ 34,498 $ 34,498 $ 43,382 1 Owned Hotel — — 2,422 2,422 5,103 1 Owned Restaurant Parcel — — 1,025 1,025 1,636 $ — $ — $ 37,945 $ 37,945 $ 50,121 (1) During 2015, we sold 11 of the 24 hotels that were designated as assets held for sale in the third quarter of 2015. The remaining 13 are included in assets held for sale as of December 31, 2015 and are subject to a definitive purchase agreement . In June 2014 we determined that the long-lived assets associated with one of our owned hotels were partially impaired primarily due to unfavorable expected terms of the upcoming underlying ground lease renewal and the likelihood of the Company abandoning the hotel upon expiration of the ground lease. As a result, we recorded an impairment loss of approximately $5.2 million for the nine months ended September 30, 2014. Subsequent to September 30, 2014, the Company reached an agreement with the landlord and renewed the lease. For this purpose, fair value of the property was estimated primarily using expected present value of future cash flows. The fair value estimate is considered to be Level 3 within the fair value measurement hierarchy. The following fair value hierarchy table presents information about assets measured at fair value on a nonrecurring basis during as of December 31, 2014: Level 1 Level 2 Level 3 Total Fair Value Impairment Charge (in thousands) 1 La Quinta Inn $ — $ — $ 249 $ 249 $ 5,157

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 11. RELATED PARTY TRANSACTIONS We maintain various agreements and enter into certain transactions with affiliates of the Funds. Prior to April 14, 2014 these affiliates owned the Previously Managed Hotels ( see Note 4 Management and Service Agreements Hotel Management Agreements —Pursuant to hotel management agreements with affiliates of the Funds in existence prior to the IPO (“LQM Management Agreements”), LQM provided management services to the Previously Managed Hotels until the IPO, including supervision, direction, operation, management and promotion. The LQM Management Agreements would have expired in July 2027, but could have been terminated by either party at any time and for any reason and were terminated in connection with the IPO. Under the terms of the LQM Management Agreements, LQM was entitled to recover a management fee of 1.67% of gross operating revenue from the Previously Managed Hotels, as well as reimbursement for certain shared group costs. Management fees earned by LQM from the Previously Managed Hotels, for the period from January 1, 2014 to April 14, 2014 were $0.2 million. For the year ended December 31, 2013, management fees earned from the Previously Managed Hotels were approximately $0.6 million. These management fees are included within franchise and other fee-based revenues in the accompanying consolidated statements of operations. In addition, in accordance with the LQM Management Agreements, LQM also provided certain group services for hotels it managed, including group and administrative services, information systems support, training, and other field services, and was reimbursed for the cost of providing these services. For the period from January 1, 2014 to April 14, 2014, LQM earned group services reimbursements from the Previously Managed Hotels of approximately $0.2 million. During the year ended December 31, 2013, LQM earned group services reimbursements from the Previously Managed Hotels of approximately $1.6 million. These fees are included within franchise and other fee-based revenues in the accompanying consolidated statements of operations. Other Fees and Funding Brand Marketing Fund We maintain the BMF on behalf of our franchisees and the hotel properties we own and manage, and we charge these hotels a fee of 2.5% of gross room revenue, which is then used by the BMF to fund national advertising promotions and campaigns. BMF fees collected from franchised and managed hotels, and the related expenses, are reflected as brand marketing fund revenues and expenses from franchise and managed hotels in the accompanying consolidated statements of operations. Customer Loyalty Program —We administer a customer loyalty program, La Quinta Returns (“Returns”), and charge participating hotels a fee to administer the program equal to 5% of the Returns members’ eligible room rate per night. Returns fees collected from franchised and managed hotels are reflected within franchise and other fees-based revenues in the accompanying consolidated statements of operations. We recorded revenues related to Returns from the Previously Managed Hotels of approximately $0.3 million for the period from January 1, 2014 to April 14, 2014. We recorded revenues related to Returns from the Previously Managed Hotels of approximately $0.9 million during the year ended December 31, 2013. Trademark Licenses —In accordance with the LQM Management Agreements, we charged a royalty fee of 0.33% of the Previously Managed Hotels’ gross room revenues. For the period January 1, 2014 to April 14, 2014, royalty fees charged to the Previously Managed Hotels under these agreements were approximately $0.1 million. During the year ended December 31, 2013, royalty fees charged to the Previously Managed Hotels under these agreements were approximately $0.1 million. These royalty fees are reflected within franchise and other fee-based revenues in the accompanying consolidated statements of operations. Other Arrangements As of December 31, 2015 and December 31, 2014, approximately $41.6 million and $43.9 million, respectively, of the aggregate principal amount of our Term Facility was owned by affiliates of Blackstone. We make periodic interest and principal payments on such debt in accordance with its terms. Blackstone Advisory Partners L.P., an affiliate of Blackstone, received aggregate compensation of approximately $3.0 million for acting as underwriter or co-manager in connection with financing transactions by us, including our IPO, during 2014. In addition, we engaged Blackstone Advisory Partners L.P. to provide certain financial consulting services in connection with the public offering of our common stock by certain stockholders in April 2015 and November 2014 for a fee of approximately $0.4 million and $0.5 million, respectively. We also purchase products and services from entities affiliated with or owned by Blackstone. The fees paid for these products and services were approximately $2.6 million, $2.8 million and $4.0 million during years ended December 31, 2015, 2014, and 2013, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 12. COMMITMENTS AND CONTINGENCIES Environmental —We are subject to certain requirements and potential liabilities under various federal, state and local environmental laws, ordinances, and regulations. Such requirements often impose liability without regard to whether the current or previous owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. Although we have incurred and expect to incur remediation and other environmental costs during the ordinary course of operations, we anticipate that such costs will not have a material effect on our financial condition, results of operations, or cash flows. Litigation —We are party to a number of pending claims and lawsuits arising in the normal course of business. We maintain general and other liability insurance; however, certain costs of defending lawsuits, such as those below the insurance retention or deductible amount, are not covered by or are only partially covered by insurance policies, or the insurance carriers could refuse to cover certain claims in whole or in part. We regularly evaluate ultimate liability costs with respect to such claims and lawsuits. We accrue costs incurred from defending litigation as they become determinable. We do not consider our ultimate liability with respect to any single claim or lawsuit, or the aggregate of such claims and lawsuits, to be material in relation to our consolidated balance sheets, results of operations, or cash flows taken as a whole. Casualty Losses —We maintain insurance for property and casualty damage, subject to deductibles and policy terms and conditions, attributable to wind, flood, and earthquakes. We also maintain business interruption insurance. Tax Contingencies — We are subject to regular audits by federal and state tax authorities. These audits may result in additional tax liabilities. The Internal Revenue Service (the “IRS”) is currently auditing the tax returns of La Quinta Corporation, one of our former REITs prior to the Pre-IPO Transactions, and BRE/LQ Operating Lessee Inc., one of our former taxable REIT subsidiaries prior to the Pre-IPO Transactions, in each case for the tax years ended December 31, 2010 and 2011. We received a draft notice of proposed adjustment from the IRS on January 9, 2014, and the notice of proposed adjustment was issued to us on June 2, 2014. We submitted a timely response to the notice of proposed adjustment and, on July 7, 2014, we received an IRS 30-Day Letter proposing to impose a 100% tax on the REIT totaling $158 million for the periods under audit in which the IRS has asserted that the rent charged for these periods under the lease of hotel properties from the REIT to the taxable REIT subsidiary exceeded an arm’s length rent. In addition, the IRS proposed to eliminate $89 million of net operating loss carryforwards for the taxable REIT subsidiary for the tax years 2006 through 2009; however, in an IRS rebuttal received on September 26, 2014, the IRS conceded its proposed adjustment on this point was incorrect. We disagree with the IRS’ position with respect to rents charged by the REIT to its taxable REIT subsidiary and have appealed the proposed tax and adjustments to the IRS Appeals Office. In determining amounts payable by our taxable REIT subsidiary under the lease, we engaged a third party to prepare a transfer pricing study contemporaneous with the lease which concluded that the lease terms were consistent with an arm’s length rent as required by relevant provisions of the Internal Revenue Code of 1986 (the “Internal Revenue Code”) and applicable Treasury Regulations. Attorneys and others representing the Company conducted preliminary discussions regarding the appeal with the IRS Appeals Office team on March 31, 2015 and April 1, 2015. In response to a supplemental analysis submitted by the IRS economist to the Appeals Officer and provided to us on August 18, 2015, we submitted responses dated September 3, 2015 and October 1, 2015. No significant additional response or requests from the Appeals Officer have been received. We believe the IRS transfer pricing methodologies applied in the audits contain flaws and that the IRS proposed tax and adjustments are inconsistent with the U.S. federal tax laws related to REITs. We have concluded that the positions reported on our tax returns under audit by the IRS are, based on their technical merits, more-likely-than-not to be sustained upon examination. Accordingly, as of December 31, 2015, we have not established any reserves related to this proposed adjustment or any other issues reflected on the returns under examination. On November 25, 2014, we were notified that the IRS intends to examine the tax returns of the same entities subject to the 2010 and 2011 audit in each case for the tax years ended December 31, 2012 and 2013. As of December 31, 2015, we have not been advised of any proposed adjustments. Purchase Commitments —As of December 31, 2015, we had approximately $26.0 million of purchase commitments related to certain continuing redevelopment and renovation projects. Franchise Commitments —Under certain franchise agreements, we are committed to provide certain incentive payments, reimbursements, rebates, and other payments to help defray certain costs. Our obligation to fund these commitments is contingent upon certain conditions set forth in the respective franchise agreement. The franchise agreements generally require that, in the event that the franchise relationship is terminated, the franchisee is required to repay any outstanding balance plus any unamortized portion of any incentive payment. As of December 31, 2015, we had $9.1 million in outstanding commitments to various franchisees for such financial assistance.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 13: INCOME TAXES Prior to our IPO on April 14, 2014, we operated primarily as limited liability companies treated as partnerships for U.S. federal income tax purposes, REIT entities, and taxable entities. As a result, we were not subject to U.S. federal and most state income taxes for our limited liability companies and our REIT entities. Our partnership and REIT status terminated in connection with the IPO, as the La Quinta Predecessor Entities were contributed to Holdings, a “C” corporation, the shares of capital stock held by third-party shareholders of our REIT entities were redeemed for cash totaling approximately $3.9 million, and our REITs were converted into limited liability companies. As a result of these transactions, we have become subject to additional entity-level taxes and, during the second quarter of 2014, we recorded a one-time net deferred tax expense of $321.1 million, which established the associated net deferred tax liability on our balance sheet, and reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases at the estimated blended statutory U.S. federal and state income tax rate of 38.1%. More specifically, this initial deferred tax expense is driven by (1) the recognition of deferred tax liabilities of approximately $462.3 million, primarily related to differences between the book and tax basis for our fixed and intangible assets and related depreciation, (2) the recognition of deferred tax assets of approximately $14 million primarily related to tax-only intangibles, and (3) as a result of the change in the Company’s tax status, a tax benefit of $127.2 million related to the reduction in valuation allowance, primarily associated with La Quinta Predecessor Entities’ net operating losses and tax credits. For financial reporting purposes, the consolidated income tax expense is based on consolidated reported financial accounting income or loss before income taxes. The components of our income tax provision are as follows: (In thousands) 2015 2014 2013 Current provision: Federal $ 1,933 $ 2,615 $ 874 State (1) 3,442 3,121 2,543 Foreign 78 103 205 Total current 5,453 5,839 3,622 Deferred provision: Federal 17,765 22,279 (34 ) State (731 ) 687 77 Total deferred 17,034 22,966 43 Provision for income taxes 22,487 28,805 3,665 Recognition of net deferred tax liabilities upon C-corporation conversion — 321,054 — Total income tax expense $ 22,487 $ 349,859 $ 3,665 (1) The State current provision contains approximately $0.1 million of tax expense included in gain (loss) on discontinued operations for the year ended December 31, 2013. The significant components of the deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: December 31, (In thousands) 2015 2014 Deferred Tax Assets Net Operating Losses $ 43,583 $ 77,639 Insurance Accruals 10,641 7,355 Tax Credits 11,550 9,638 Cash Flow Hedge-OCI 4,004 1,684 Intangibles 12,602 11,682 Doubtful Accounts 1,932 1,853 Returns Club 343 5,876 Compensation Accruals 8,054 7,613 Other 1,960 2,337 Total gross deferred tax assets 94,669 125,677 Less: Valuation Allowance (9,300 ) (8,947 ) Deferred Tax Assets $ 85,369 $ 116,730 Deferred Tax Liabilities Fixed Assets $ 361,856 $ 382,153 Trademark 61,603 61,218 Cancellation of Debt Income 9,300 12,382 Linens, uniforms and supplies 4,225 — Other 1,973 727 Deferred Tax Liabilities 438,957 456,480 Net Deferred Taxes $ (353,588 ) $ (339,750 ) As of December 31, 2015 and 2014, certain subsidiaries of ours had available federal net operating loss carryforwards (“NOLs”) totaling approximately $123.8 million and $220.9 million, respectively. Generally, NOL carryforwards expire 20 years after the year in which they arise. Our NOLs will expire between 2016 and 2033. In November 2014, Blackstone completed a secondary offering in which it registered and sold 23.0 million of the Company’s shares, bringing its ownership percentage to 45.2%, and creating an ownership change for federal income tax purposes. As a result of this secondary offering, and the resulting ownership change the Company’s federal net operating losses will be limited under Internal Revenue Code Section 382 with annual limitations that became applicable in 2015 through 2019. State net operating loss carryforwards are also available for use subject to similar limitations in many cases. We do not believe that the Section 382 limitations will prevent the Company from using its total pre-ownership change NOL carryforwards. We also have alternative minimum tax (“AMT”) credit carry forwards, as of December 31, 2015 and 2014, in the gross amount of $11.5 million and $9.6 million, respectively, which do not expire. For periods prior to the IPO, we maintained valuation allowances for our NOLs and AMT credit carry forwards as we believed the more-likely-than-not realization criteria were not met and therefore realization was not reasonably assured. When assessing the adequacy of the valuation allowance, the Company considers both anticipated reversals of deferred tax liabilities within applicable carryforward periods and other potential sources of taxable income within those periods. In 2013, we concluded that the likelihood of utilizing certain loss carryforwards in future periods was remote. Accordingly, we wrote off the deferred tax assets and associated valuation allowances related to those carryforwards. The reduction in these deferred tax assets and related valuation allowances has no net impact on our financial condition, results of operations or cash flows. In connection with our conversion to a C-corporation on April 14, 2014, we reassessed the realizability of our NOLs and AMT credit carryforwards. As a result, we concluded that a valuation allowance was required on only a portion of our NOLs and that the remainder of our NOLs and all of our AMT credit carryforwards meet the more likely than not realization criteria. The impact of our reassessment of the realizability of our deferred tax assets is incorporated in the charge to record the impact of our conversion to a C-corporation. The Company has open tax years dating back to 2010. The following is a reconciliation of the statutory federal income tax rate to the effective tax rate reported in the combined financial statements: (in thousands) 2015 2014 2013 Statutory U.S. federal income tax provision $ 17,219 $ 5,934 $ 3,015 State tax, net of federal benefit 2,221 4,957 2,553 Foreign tax, net of federal benefit 50 67 205 Nondeductible stock compensation 1,948 16,155 — Nondeductible book loss from January 1, 2014 through April 13, 2014 — 4,480 — Income not subject to tax at the La Quinta Predecessor Entities level — — (2,923 ) Change in valuation allowance 353 (767 ) 609 Return to provision (688 ) (329 ) — Changes in deferred taxes 541 (1,904 ) — Other 843 212 139 Provision for income taxes 22,487 28,805 3,598 Recognition of net deferred tax liabilities upon C-corporation conversion — 321,054 (1) — Income tax expense $ 22,487 $ 349,859 $ 3,598 (1) The one-time net deferred tax expense of $321.1 million consists of (a) the recognition of deferred tax liabilities of approximately $462.3 million, primarily related to differences between the book and tax basis for fixed and intangible assets, (b) the recognition of deferred tax assets of approximately $14.0 million, primarily related to tax basis only intangibles, and (c) as a result of the change in the Company’s tax status, a tax benefit of $127.2 million related to the reduction in valuation allowance, primarily associated with La Quinta Predecessor Entities’ net operating losses and tax credits. The Company files income tax returns in the U.S. Federal jurisdiction and several state jurisdictions. The Company is no longer subject to U.S. federal, state or local examinations by tax authorities for years before 2010. We utilize our available tax attributes at the federal and state levels to the extent allowed by applicable law. The Company anticipates that it is reasonably possible a state may challenge our use of certain state tax benefits, although we believe any proposed adjustment pertaining to the use of those state tax benefits would not result in a material change to our financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in thousands) 2015 2014 2013 Unrecognized tax benefits, beginning of the year $ — $ — $ — Gross increase in unrecognized tax positions in the current year 2,990 — — Unrecognized tax benefits, end of the year $ 2,990 $ — $ — At December 31, 2015, there are $3.0 million of unrecognized tax benefits that, if recognized, would affect the annual effective tax rate. We do not expect any significant changes in our unrecognized tax benefits over the next twelve months. Our policy is to classify interest and penalties as a component of income tax expense. As of December 31, 2015, 2014 and 2013, we have not accrued interest or penalties on unrecognized tax benefits.

Third Party Lease Commitments

Third Party Lease Commitments	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Third Party Lease Commitments	NOTE 14. THIRD PARTY LEASE COMMITMENTS Rental Income— We act as a lessor and lease properties we own to third parties, which are primarily operated as restaurants. These leases are accounted for as operating leases and mature on various dates through 2096. The leases provide for minimum and contingent rental income based on a percentage of the lessee’s annual sales in excess of stipulated amounts. As of December 31, 2015, approximate future minimum rental income to be received under non-cancelable operating leases, in excess of one-year, is as follows: Year ending December 31, Operating lease income (in thousands) 2016 $ 4,364 2017 4,119 2018 3,731 2019 3,470 2020 3,241 Thereafter 6,072 $ 24,997 For the year ended December 31, 2015, total rental revenue was approximately $3.8 million, of which $0.4 million related to contingent rents. For the year ended December 31, 2014, total rental revenue was approximately $4.2 million, of which $0.4 million related to contingent rents. For the year ended December 31, 2013, total rental revenue was approximately $3.8 million, of which $0.3 million related to contingent rents. Rental revenue is included within other hotel revenues in the accompanying consolidated statement of operations. Rental Expense— We maintain ground lease arrangements with third parties for certain hotel properties that contain contingent rent provisions based upon the respective hotel’s revenues. Many of these lease agreements contain renewal options at fair market value at the conclusion of the initial lease terms. The leases extend for varying periods through 2096. Year ending December 31, Operating ground lease commitments (in thousands) 2016 $ 5,014 2017 4,636 2018 4,446 2019 4,431 2020 4,390 Thereafter 108,627 $ 131,544 For the year ended December 31, 2015, total rent expense for ground leases included in other lodging and operating expenses was approximately $6.1 million, of which $0.7 million related to contingent rents. For the year ended December 31, 2014, total rent expense was approximately $5.2 million, of which $0.5 million related to contingent rents. For the year ended December 31, 2013, total rent expense was approximately $3.7 million, of which $0.1 million related to contingent rents.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2015
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	NOTE 15. EMPLOYEE BENEFIT PLANS We maintain a deferred savings plan covering substantially all of our employees that qualified under Section 401(k) of the Internal Revenue Code. Our deferred savings plan has an employer matching contribution of 100% of the first 3% and 50% of the next 2% of an employee’s eligible earnings, which vests immediately. We paid employer contributions of approximately $2.3 million, $2.0 million and $1.9 million, respectively, during the years ended December 31, 2015, 2014 and 2013, respectively. In 2015, our board and stockholders’ approved and adopted the 2015 Employee Stock Purchase Plan (the “ESPP”) which allows eligible employees to purchase Holdings’ stock at a discount of 5%. The plan is in compliance with safe harbor rules so that the plan is not compensatory, and no expense is recognized related to the plan. There were 2.6 million shares reserved for purchase under the ESPP, of which 5,233 shares were issued and included in shares outstanding as of December 31, 2015.

Equity Based Compensation

Equity Based Compensation	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Based Compensation	NOTE 16. EQUITY BASED COMPENSATION Promote Plan Prior to the IPO Effective Date, certain members of our management and others associated with Blackstone (the “Promote Participants”) were eligible to receive long-term incentives evidenced by units (the “Units”) in LQ Services L.L.C. (“LQ Services”), which indirectly held interests in the Company, which Units were intended to be treated as “profits interests” for U.S. tax purposes (the “Promote Plan”). Units were typically granted by our Chief Executive Officer, in consultation with Blackstone, to key employees upon hire. Unit levels could also be adjusted to recognize changing job responsibilities. All of the Units were subject to exit-based vesting on the date when there was a sale, transfer or disposition of all or substantially all of the assets of the La Quinta Predecessor Entities to an unaffiliated entity which resulted in distributions being payable to the holders of the Units (a “Liquidity Event”), subject to a Promote Participant’s continued employment on such date. The value in respect of Units would have been determined based upon the amounts received by Blackstone pursuant to a Liquidity Event, net of certain debt repayments and return of equity to Blackstone. As payments in respect of the Units were contingent on occurrence of a Liquidity Event, which was not assessed to be probable prior to the date of our IPO, no expense was accrued or recognized for the Units prior to April 14, 2014. On the IPO Effective Date, Units that were outstanding under the Promote Plan at the time of the offering were exchanged for 3.1 million vested and unvested shares of common stock of Holdings of equivalent economic value, using a grant date fair value equal to the initial public offering price of Holdings shares of $17.00 per share and issued as follows: (1) 40% of the shares received were vested shares of common stock; (2) 40% of the shares received were unvested shares of restricted stock that were vested on April 14, 2015, contingent upon continued employment through that date; and (3) 20% of the shares received were unvested shares of restricted stock that were slated to vest on the earlier of the date that Blackstone and its affiliates cease to own 50% or more of Holdings or the seventh anniversary of the IPO Effective Date, contingent upon continued employment at that date. Blackstone and its affiliates ceased to own 50% of Holdings, effective November 25, 2014. The Promote Plan became fully vested on April 14, 2015. For the year ended December 31, 2015, total compensation expense under the Promote Plan was $5.6 million. For the year ended December 31, 2014, total compensation expense under the Promote Plan was $46.2 million. A total of 9,658 shares were forfeited from the Promote Plan. 2014 Omnibus Incentive Plan In connection with, and prior to completion of, the IPO, our board of directors adopted, and our stockholders approved, the La Quinta Holdings Inc. 2014 Omnibus Incentive Plan (the “2014 Omnibus Incentive Plan”). The 2014 Omnibus Incentive Plan provides for the granting of stock options, restricted stock and other equity-based or performance-based awards denominated in cash or in stock to directors, officers, employees, consultants and advisors of Holdings and its affiliates. 2014 Grant I —Effective on the IPO Effective Date, Holdings issued 0.35 million shares of Holdings common stock under our 2014 Omnibus Incentive Plan with a grant date fair value of $16.65 per share to certain of our employees as follows: (1) 50% of the shares granted were vested shares of common stock; (2) 40% of the shares granted were unvested shares of restricted stock that were vested on April 14, 2015, contingent upon continued employment through that date; and (3) 10% of the shares granted were unvested shares of restricted stock that were slated to vest on the earlier of the date that Blackstone and its affiliates cease to own 50% or more of Holdings or the seventh anniversary of the IPO Effective Date, contingent upon continued employment through that date. Blackstone and its affiliates ceased to own 50% of Holdings, effective November 25, 2014. The 2014 Grant I became fully vested on April 14, 2015. 2014 Grant II —On June 11, 2014, Holdings issued 1.01 million shares of Holdings common stock under our 2014 Omnibus Incentive Plan with a grant date fair value of $18.70 per share to certain of our employees. Grant II is a time-based vesting award with multiple tranches that vest on various dates with a remaining weighted average life of 0.9 years as of December 31, 2015. The fair value of Grant II will be recognized on a straight-line basis over the requisite service period of each tranche included in the award. 2014 Director Unit Grants — In 2014 and 2015, we granted a total of 44,197 restricted stock units (“RSUs”) to our independent directors under our 2014 Omnibus Incentive Plan, as part of our regular annual compensation of our independent directors. The Director Unit Grants vests in three equal installments on the first, second and third anniversaries of the grant dates with a remaining weighted average life of 1.3 years as of December 31, 2015. The grant date weighted average price is $21.32 per share. The fair value of the RSUs will be recognized on a straight-line basis over the requisite service period for the entire award. Vested RSUs will be settled with shares of our common stock. 2014 Performance Unit Grant — On June 11, 2014, we issued 109 performance-based RSUs (the “PSUs”), which represent 0.5 million shares at target value of common stock to certain of our employees. The performance period for the 2014 Performance Unit Grant ends December 31, 2016, with a remaining life of 1.0 years as of December 31, 2015. The calculation of the value of the units granted under the 2014 Performance Unit Grant is weighted as follows: 70% based on our total shareholder return (“TSR”) relative to the total shareholder returns of a defined set of peer companies (“Relative Shareholder Return”); and 30% based on our absolute TSR compound annual growth rate (“TSR CAGR”). The number of common shares issued in exchange for each PSU at the end of the performance period is determined based on a calculated multiple of defined target amounts for TSR CAGR and Relative Shareholder Return. Possible payout multiples range from 33% of target, which represents the threshold and below which no payout is given, and 167% of target, which represents the maximum payout. The 2014 Performance Unit Grant PSUs will be settled with shares of our common stock. The grant date fair value of the 2014 Performance Unit Grant was $19.80 per share, which was determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 24.05 % Dividend yield (2) — % Risk-free rate (3) 0.70 % Expected term (in years) (4) 2.6 (1) Due to limited trading history for our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of our share price. As a result, we used an average historical volatility of our peer group over a time period consistent with our expected term assumption. Our peer group was determined based upon companies in our industry with similar business models and is included with those used to benchmark our executive compensation. (2) At the time of the 2014 Performance Unit Grant, we had no plans to pay dividends during the expected term of these performance shares. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected lives. (4) Midpoint of the 30-calendar day period preceding the end of the performance period. 2015 Grant I — In 2015, we issued a total of 0.2 million shares of Holdings common stock under our 2014 Omnibus Incentive Plan with a grant date weighted average price of $21.81 per share to certain of our employees. 2015 Grant I is a time-based vesting award with multiple tranches that vest on various dates with a remaining weighted average life of 1.4 years as of December 31, 2015. The fair value of 2015 Grant I will be recognized on a straight-line basis over the requisite service period of each tranche included in the award. 2015 Performance Unit Grant — On February 19, 2015, we issued PSUs, which represents 0.3 million shares of common stock at target value to certain of our employees. The performance period for the 2015 Performance Unit Grant ends December 31, 2017, with a remaining life of 2.0 years as of December 31, 2015. The calculation of the value of the units granted under the 2015 Performance Unit Grant is based solely on our TSR relative to the Relative Shareholder Return. The number of common shares issued in exchange for each PSU at the end of the performance period is determined based on defined target amounts for Relative Shareholder Return. Possible payout multiples range from 33% of target, which represents the threshold and below which no payout is given, and 200% of target, which represents the maximum payout. The 2015 Performance Unit Grant PSUs will be settled with shares of our common stock. The grant date fair value of the 2015 Performance Unit Grant was $25.35 per share, which was determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 31.66 % Dividend yield (2) — % Risk-free rate (3) 1.00 % Expected term (in years) (4) 2.87 (1) Expected volatility is calculated as the average of the long-term historical volatility based on the peer companies and our implied volatility. (2) At the time of the 2015 Performance Unit Grant, we had no foreseeable plans to pay dividends during the expected term of these performance shares. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected lives. (4) As of the grant date. For the years ended December 31, 2015 and December 31, 2014, total compensation expense for awards under the 2014 Omnibus Incentive Plan was $16.0 million and $11.7 million, respectively, excluding related taxes. As of December 31, 2015 unrecognized compensation expense was $15.0 million. As of December 31, 2015, 52,926 shares have been forfeited from awards made under the 2014 Omnibus Incentive Plan. As of December 31, 2015, there were 11.8 million shares of common stock available for future issuance under the 2014 Omnibus Incentive Plan. During September 2015, pursuant to a Separation and Release Agreement (the “Separation and Release Agreement”), dated effective as of September 15, 2015, that the Company entered into with its former President and Chief Executive Officer in connection with his departure, the Company vested 0.3 million shares to him in accordance with the terms of the respective grants under the 2014 Omnibus Incentive Plan, and the Company incurred an associated non-cash severance charge of $3.0 million. In addition, pursuant to the benefits to which the Company’s former President and Chief Executive Officer was entitled under the Separation and Release Agreement, the Company made a cash severance payment of $7.6 million.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 17. EARNINGS PER SHARE Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding plus other potentially dilutive securities. Dilutive securities include equity based awards issued under long-term incentive plans. As discussed in Note 1, on April 14, 2014, the Company completed its IPO. For purposes of computing earnings per share, it is assumed that our IPO and ownership reorganization had occurred for all periods presented and therefore the outstanding shares have been adjusted to reflect the conversion of shares that took place in connection with the IPO. Accordingly, the denominators in the computations of basic and diluted net income per share reflect our IPO and ownership reorganization for all periods presented. The calculations of basic and diluted earnings per share are as follows: 2015 2014 2013 Numerator: Income (loss) from continuing operations attributable to La Quinta Holdings’ stockholders $ 26,365 $ (336,794 ) $ 6,471 Income (loss) from discontinued operations attributable to La Quinta Holdings’ stockholders — (503 ) (2,495 ) Net income (loss) attributable to La Quinta Holdings’ stockholders $ 26,365 $ (337,297 ) $ 3,976 Denominator: Weighted average number of shares outstanding, basic 128,272 126,156 121,996 Weighted average number of shares outstanding, diluted 129,172 126,156 121,996 Income (loss) from continuing operations attributable to La Quinta Holdings’ stockholders per common share, basic and diluted $ 0.21 $ (2.67 ) $ 0.05 Income (loss) from discontinued operations attributable to La Quinta Holdings’ stockholders per common share, basic and diluted — — (0.02 ) Basic earnings (loss) per share $ 0.21 $ (2.67 ) $ 0.03 Diluted earnings (loss) per share $ 0.20 $ (2.67 ) $ 0.03 As of December 31, 2015, an immaterial amount of shares were anti-dilutive. Approximately 0.8 million shares for the year ended December 31, 2014, were excluded from the computation of diluted shares, as their impact would have been anti-dilutive. For the year ended December 31, 2013, no shares were considered anti-dilutive. During September 2015, Company's board of directors authorized a program to repurchase an aggregate of up to $100 million of the Company’s common stock (the “Repurchase Program”). These repurchases were to be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, at prices that the Company deemed appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company's sole discretion. The Repurchase Program did not obligate the Company to repurchase any dollar amount or number of shares of common stock and the program could be suspended or discontinued at any time. Under this program, through December 31, 2015, the Company repurchased 6.3 million shares of common stock. These shares were repurchased at a weighted-average price of $15.89 per share, for an aggregate purchase price including commissions, of $100.1 million. The shares repurchased through December 31, 2015 represented approximately 5% of the Company's total shares of common stock outstanding as of December 31, 2015. The shares of common stock that were repurchased were placed in treasury stock.

Segments

Segments	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segments	NOTE 18. SEGMENTS Our operating segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by our Chief Executive Officer, who is our chief operating decision maker, to assess performance and make decisions regarding the allocation of resources. Our operating and reportable segments are defined as follows: · Owned hotels —This segment derives its earnings from the operation of owned hotel properties located in the United States. · Franchise and management —This segment derives its earnings primarily from revenues earned under various franchise and management agreements relating to our owned, franchised, and managed hotels, which provide for us to earn compensation for the licensing of our brand to franchisees, as well as for services rendered, such as hotel management and providing access to certain shared services and marketing programs such as reservations, Returns, and property management systems. Corporate and other includes revenues generated and operating expenses incurred in connection with the overall support and brand management of our owned, managed, and franchised hotels and operations. The performance of our operating segments is evaluated primarily based upon Adjusted EBITDA, which should not be considered an alternative to net income (loss) or other measures of financial performance or liquidity derived in accordance with GAAP. We define Adjusted EBITDA as our net income (exclusive of non-controlling interests) before interest expense, income tax expense (benefit), and depreciation and amortization, further adjusted to exclude certain items, including, but not limited to: gains, losses, and expenses in connection with: (i) asset dispositions; (ii) debt modifications/retirements; (iii) non-cash impairment charges; (iv) discontinued operations; (v) equity based compensation and (vi) other items. The table below shows summarized consolidated financial information by segment: 2015 2014 2013 (in thousands) Revenues Owned hotels $ 911,491 $ 870,061 $ 778,898 Franchise and management (1) 114,610 94,002 55,542 Segment revenues 1,026,101 964,063 834,440 Other fee-based revenues from franchise and managed properties 23,204 21,481 19,065 Corporate and other (2) 126,469 116,805 97,177 Intersegment elimination (3) (145,800 ) (125,411 ) (76,789 ) Total revenues $ 1,029,974 $ 976,938 $ 873,893 Adjusted EBITDA Owned hotels 314,278 312,067 311,809 Franchise and management 114,610 94,002 55,542 Segment Adjusted EBITDA 428,888 406,069 367,351 Corporate and other (34,846 ) (36,180 ) (40,544 ) Adjusted EBITDA $ 394,042 $ 369,889 $ 326,807 (1) This segment includes intercompany fees which are charged to our owned hotels to reflect that certain functions, such as licensing and management, are included in the franchise and management segment. Prior to the IPO, we charged aggregate fees of 2.0% (0.33% license fees for trademark rights and 1.67% management fee for management services) to our owned hotels. In connection with the IPO, we entered into a new franchise agreement with our owned hotels, which covers certain services as well as trademark rights, and a new management agreement and terminated the existing agreements with our owned hotels. The new agreements, which commenced April 14, 2014, provide for a franchise fee of 4.5% of gross room revenues and a management fee of 2.5% of gross operating revenues for our owned hotels. Our consolidated financial information by segment for periods prior to April 14, 2014 presented herein reflects the historical aggregate fees of 2.0%. (2) Includes revenues related to our brand management programs and other cost reimbursements. The portions of these fees that are charged to our owned hotels, which totaled $75.1 million, $68.4 million and $53.7 million for the years ended December 31, 2015, 2014 and 2013, respectively, are eliminated in the accompanying consolidated financial statements. The franchise agreement we entered into with our owned hotels upon effectiveness of the IPO also includes a reservation fee of 2.0% of gross room revenues, which is reflected in corporate and other. (3) Includes management, license, franchise, BMF, Returns and other cost reimbursements totaling $145.8 million, $125.4 million and $76.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. These fees are charged to owned hotels and are eliminated in the accompanying consolidated financial statements. The table below provides a reconciliation of Adjusted EBITDA to EBITDA and EBITDA to net income (loss) attributable to La Quinta Holdings’ stockholders for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 (in thousands) Adjusted EBITDA $ 394,042 $ 369,889 $ 326,807 Fixed asset impairment loss (50,121 ) (5,308 ) (19,533 ) Income (loss) from discontinued operations — (377 ) 8,636 Gain on sale from discontinued operations — — 10,714 Loss on sale (4,088 ) — — Loss on retirement of assets (445 ) (177 ) (359 ) Gain (loss) related to casualty disasters (1,824 ) 6,772 1,825 Loss on extinguishment of debt, net — (2,030 ) — Equity Based Compensation (18,814 ) (58,007 ) — Severance Charges (1) (11,021 ) — — Other gains (losses), net (2) 4,347 821 (2,697 ) EBITDA 312,076 311,583 325,393 Interest expense (86,614 ) (120,994 ) (148,806 ) Income tax expense (22,487 ) (28,805 ) (3,665 ) Recognition of net deferred tax liabilities upon C-corp conversion — (321,054 ) — Depreciation and amortization (176,263 ) (174,137 ) (170,401 ) Non-controlling interests (347 ) (3,890 ) 1,455 Net income (loss) attributable to the Company $ 26,365 $ (337,297 ) $ 3,976 (1) Includes cash and non-cash charges relating to the departure of the Company’s former President and Chief Executive Officer. (2) Other gains (losses), net primarily consists of net income (loss) attributable to the BMF (which, over time, runs at a break-even level, but may reflect a profit or loss from period to period), insurance proceeds from business interruption and litigation reserve adjustments. The following table presents assets for our reportable segments, reconciled to consolidated amounts as of December 31, 2015, 2014 and 2013: 2015 2014 (1) 2013 (1) (in thousands) Total Assets Owned hotels $ 2,682,394 $ 2,874,098 $ 2,917,759 Franchise and management 192,284 191,410 192,191 Total segments assets 2,874,678 3,065,508 3,109,950 Corporate and other 111,166 114,265 51,761 Total $ 2,985,844 $ 3,179,773 $ 3,161,711 (1) We have elected to early adopt ASU No. 2015-03 and ASU No. 2015-17 as of the fourth quarter of 2015. Accordingly, debt issuance costs in the amount of $26.2 million which were formerly classified as a non-current asset in deferred costs have been reclassified as an offset to long-term debt and net deferred tax assets in the amount of $59.7 million which were formerly classified as current assets at December 31, 2014 have been reclassified as an offset to non-current liabilities for 2014. For 2013, debt issuance costs in the amount of $8.1 million which were formerly classified as a non-current asset in deferred costs have been reclassified as an offset to long-term debt and no reclassification for deferred taxes was required. The following table presents capital expenditures for our reportable segments, reconciled to our consolidated amounts: 2015 2014 2013 (in thousands) Owned hotels $ 82,139 $ 65,150 $ 97,336 Franchise and management — — — Total segment capital expenditures 82,139 65,150 97,336 Corporate and other 18,637 13,480 18,193 Total $ 100,776 $ 78,630 $ 115,529

Selected Quarterly Financial In

Selected Quarterly Financial Information	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Information	NOTE 19. SELECTED QUARTERLY FINANCIAL INFORMATION (unaudited) The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Year (in thousands, except per share data) Total Revenues $ 248,106 $ 273,888 $ 279,103 $ 228,877 $ 1,029,974 Operating income 32,913 15,177 52,740 27,241 128,071 Net income (loss) 6,314 (4,567 ) 17,083 7,882 26,712 Net income (loss) attributable to La Quinta Holdings’ stockholders 6,142 (4,663 ) 17,058 7,828 26,365 Basic earnings (loss) per share $ 0.05 $ (0.04 ) $ 0.13 $ 0.06 $ 0.21 Diluted earnings (loss) per share $ 0.05 $ (0.04 ) $ 0.13 $ 0.06 $ 0.20 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Year (in thousands, except per share data) Total Revenues $ 217,309 $ 260,289 $ 271,118 $ 228,222 $ 976,938 Operating income 34,742 25,452 54,319 22,156 136,669 Net income (loss) (3,522 ) (338,635 ) 12,867 (4,117 ) (333,407 ) Net income (loss) attributable to La Quinta Holdings’ stockholders (7,343 ) (338,578 ) 12,817 (4,193 ) (337,297 ) Basic and diluted earnings (loss) per share $ (0.06 ) $ (2.67 ) $ 0.10 $ (0.03 ) $ (2.67 )

Significant Accounting Polici27

Significant Accounting Policies and Recently Issued Accounting Standards (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition —Revenues primarily consist of room rentals, franchise fees and other hotel revenues. We defer a portion of our revenue from franchisees at the time the franchise agreement is signed and recognize the remainder upon hotel opening. Room revenues are derived from room rentals at our owned hotels. We recognize room revenue on a daily basis based on an agreed-upon daily rate after the guest has stayed at one of our hotels. Customer incentive discounts, cash rebates, and refunds are recognized as a reduction of room revenues. Occupancy, hotel, and sales taxes collected from customers and remitted to the taxing authorities are excluded from revenues in the accompanying consolidated statements of operations. Included in franchise and other fee-based revenues are franchise fee revenues, which primarily consist of revenues from franchisees for application and initial fees, royalty, reservations, and training, as well as fees related to our guest loyalty program (“Returns”). We recognize franchise fee revenue on a gross basis because we (1) are the primary obligor in these arrangements, (2) have latitude in establishing rates, (3) perform the services delivered, (4) have some discretion over supplier selection, and (5) determine the specification of services delivered. The different types of franchise fee revenues are described as follows: · Upon execution of a franchise agreement, a franchisee is required to pay us an initial fee. We recognize the initial fee as revenue when substantial performance of our obligations to the franchisee with respect to the initial fee has been achieved. In most cases, the vast majority of the initial fee is recognized as revenue when each franchise agreement is signed as, after that date, our remaining obligations to the franchisee are limited to (1) pre-opening inspections, for which we defer $2,500, and (2) if mandated by us or agreed to with the franchisee, preopening training and marketing support related to entry into the La Quinta brand, for which we defer $5,000. These amounts represent an estimate of the value provided to the franchisee related to the services provided, and are based on our experience with time, materials, and third-party costs necessary to provide these services. We recognize the remaining deferred initial fee as revenue when the franchised property opens as the remaining service obligations have been fulfilled. · For franchise agreements entered into prior to April 1, 2013, we collect a monthly royalty fee from franchisees generally equal to 4.0% of their room revenues until the franchisee has operated as a La Quinta hotel for twenty-four consecutive months. Beginning in the twenty-fifth month of operation, the franchisee monthly royalty fee increases to 4.5%. Pursuant to franchise agreements entered into with new U.S. franchisees on or after April 1, 2013, we collect a royalty fee from franchisees equal to 4.5% of their room revenues until the franchisee has operated as a La Quinta hotel for twenty-four consecutive months. Beginning in the twenty-fifth month of operation, the franchisee monthly royalty fee increases to 5.0%. In each of these cases, the franchisee has the opportunity to earn the additional 0.5% back via rebate by achieving certain defined customer satisfaction results. Pursuant to franchise agreements entered into with franchisees outside of the U.S. on or after April 1, 2013, we generally collect a royalty fee from franchisees equal to 4.5% of their room revenues throughout the term and do not offer a rebate. · We receive reservation and technology fees, as well as fees related to Returns, in connection with franchising our La Quinta brand. Such fees are recognized based on a percentage of the franchisee’s eligible hotel room revenues or room count. We also perform certain other services for franchisees such as training and revenue management. Revenue for these services is recognized at the time the services are performed. Included in franchise and other fee-based revenues are management fees of approximately $0.7 million and $2.3 million for the years ended December 31, 2014 and 2013, respectively, which represent fees earned from the Previously Managed Hotels, prior to their acquisition on April 14, 2014. Management fees from hotels include a base fee, which is generally a percentage of hotel revenues. (See Note 11) Other hotel revenues include revenues generated by the incidental support of hotel operations for owned hotels and other rental income. We record rental income from operating leases associated with leasing space for restaurants, billboards, and cell towers. Rental income is recognized on a straight-line basis over the life of the respective lease agreement. Brand marketing fund revenues from franchise and managed properties represent fees collected from franchised and managed hotels related to maintaining our Brand Marketing Fund (“BMF”). We maintain the BMF on behalf of all La Quinta branded hotel properties, including our owned hotels, from which national marketing and advertising campaign expenses are paid. Each La Quinta branded hotel is charged a percentage of its room revenue from which the expenses of the fund are covered. The corresponding expenditures of the BMF fees collected from franchised and managed hotels are presented as brand marketing fund expenses from franchised and managed hotels in our consolidated statements of operations, resulting in no net impact to operating income or net loss.
Cash and cash equivalents	Cash and cash equivalents— We consider all cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist of highly liquid investments that are stated at cost, which approximates fair market value. Certain balances in cash and cash equivalents exceed the Federal Deposit Insurance Corporation limit of $250,000; however, we believe credit risk related to these deposits is minimal.
Restricted cash	Restricted cash— On April 14, 2014, our previously restricted cash was released from restriction due to the refinancing of our debt. Prior to April 14, 2014, restricted cash classified as current assets consists of cash restricted under the terms of our previous debt agreements and held in collateral property hotel depositories, escrow accounts primarily for the payment of capital expenditures, taxes, debt service, insurance losses, and ground leases, and a cash deposit for a letter of credit (See Note 7). Restricted cash consists of cash and cash equivalents that are stated at cost, which approximates fair market value. Classification of restricted cash is based on the nature of the restrictions associated with the underlying assets.
Accounts receivable	Accounts receivable— Accounts receivable primarily consists of receivables due from franchisees, hotel guests, credit card companies and insurance settlements. Accounts receivable are carried at estimated collectable amounts. We periodically evaluate our receivables for collectability based on historical experience, the length of time receivables are past due, and the general economy. We provide an allowance for doubtful accounts, after considering factors that might affect the collection of accounts receivable, including historical losses and the ability of the party to meet its obligations to us. Accounts receivable are written off when determined to be uncollectable.
Property and equipment	Property and equipment— Property and equipment are stated at cost less accumulated depreciation computed using a straight-line method over the estimated useful life of each asset. Property and equipment consists of the following, along with associated estimated useful lives: Buildings and improvements 5 to 40 years Hotel equipment, automobiles, furniture, and fixtures 2 to 10 years Leasehold improvements shorter of the lease term or the estimated useful life We periodically review the useful lives of our long-lived assets based on current assessments of the remaining utility of our assets. Such changes are accounted for prospectively and would either increase or decrease depreciation expense in the accompanying combined statements of operations. We capitalize expenditures that increase the overall value of an asset or extend an asset’s life, typically associated with hotel refurbishment, renovation, and major repairs. Such costs primarily include third party contract labor, professional design and construction costs, including associated materials, and other direct and indirect costs, such as sales and use tax and interest costs, incurred during the redevelopment and renovation period. The capitalization period begins when the activities related to development have begun and ceases when the project is substantially complete and the assets are held available for use or occupancy. Once a redevelopment project is substantially complete and the associated assets are ready for intended use, costs related to the redevelopment project are no longer capitalized. Additionally, we capitalize costs such as construction administration, cost accounting, design and other various office costs that clearly relate to projects under development or construction (“Indirect Costs”). Total capitalized Indirect Costs for the year ended December 31, 2015 was $2.7 million and $3.0 million for the years ended December 31, 2014 and 2013, respectively. Normal maintenance and repair costs are expensed as incurred. When depreciable property is retired or disposed, the related cost and accumulated depreciation or amortization is removed from the applicable accounts and any gain or loss is reflected in the accompanying combined statements of operations.
Fair value measurements	Fair value measurements— Fair value is defined as the price that would be received to sell an asset or pay to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In evaluating the fair value of both financial and non-financial assets and liabilities, we use the accounting guidance that establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels, which are as follows: · Level 1—Quoted prices in active markets for identical assets or liabilities. · Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuations in this category are inherently less reliable than quoted market prices due to the degree of subjectivity involved in determining appropriate methodologies and the applicable underlying observable market assumptions. · Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. These inputs cannot be validated by readily determinable market data and generally involve considerable judgment by management. We use the highest level of observable market data if such data is available without undue cost and effort.
Intangible assets	Intangible assets— Intangible assets consist of trademarks, franchise agreements and management contracts, Returns membership list, and leasehold interests. Owned trademarks are not amortized but are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets with a definite life are amortized on a straight-line basis over their estimated useful lives, which consist of the following: Franchise agreements, management contracts and other 3 to 20 years Returns membership list 3 years Leasehold interests — 2 to 49 years
Derivative Instruments	Derivative instruments — We use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. We do not enter into derivative financial instruments for trading or speculative purposes. We record all derivatives at fair value. On the date the derivative contract is entered, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (“cash flow hedge”), a hedge of the fair value of a recognized asset or liability (“fair value hedge”), or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge or net investment hedge are recorded in the consolidated statements of comprehensive income (loss) until they are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged in the consolidated statements of cash flows. If we determine that we qualify for and will designate a derivative as a hedging instrument at the designation date, we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. This process includes matching all derivatives that are designated as cash flow hedges to specific forecasted transactions, linking all derivatives designated as fair value hedges to specific assets and liabilities in our consolidated balance sheets, and determining the foreign currency exposure of net investment of the foreign operation for a net investment hedge. On a quarterly basis, we assess the effectiveness of our designated hedges in offsetting the variability in the cash flows or fair values of the hedged assets or obligations via use of a statistical regression approach. Additionally, we measure ineffectiveness using the hypothetical derivative method. This method compares the cumulative change in fair value of each hedging instrument to the cumulative change in fair value of a hypothetical hedging instrument, which has terms that identically match the critical terms of the respective hedged transactions. Thus, the hypothetical hedging instrument is presumed to perfectly offset the hedged cash flows. Ineffectiveness results when the cumulative change in the fair value of the hedging instrument exceeds the cumulative change in the fair value of the hypothetical hedging instrument. We discontinue hedge accounting prospectively when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is sold, terminated or exercised.
Insurance and self-insurance programs	Insurance and self-insurance programs— We purchase insurance to limit the risk of loss associated with our lodging operations and use paid loss retrospective insurance for exposures covered under commercial general liability, automobile liability, and workers’ compensation insurance policies. Predetermined loss deductibles and self-insured retentions and liability limits have been selected to limit the per occurrence cash outlay. We have a self-insurance program for major medical and hospitalization coverage offered to employees and their dependents that is partially funded by payroll deductions from our employees. Under the self-insurance program, payments for major medical and hospitalization to individual participants which are below specified deductible amounts are paid by us through a third party administrator. As of December 31, 2015 and 2014, we accrued the following liabilities related to these insurance programs: (In thousands) 2015 2014 Automobile and general liability insurance $ 21,769 $ 22,485 Workers’ compensation 8,360 5,516 Health insurance 1,242 659 $ 31,371 $ 28,660 The liability for automobile and general liability insurance is included in accrued expenses and other liabilities and the liability for workers’ compensation and health insurance is included in accrued payroll and employee benefits in the accompanying combined balance sheets.
Customer loyalty program	Customer loyalty program— We administer Returns, which allows members to earn points based on certain dollars spent. Members may redeem points earned for free night certificates, gift cards, airline miles, and a variety of other awards. We account for the economic impact of points earned by accruing an estimate of its liability for unredeemed points. The expense related to this estimate includes the incremental cost of the stay at one of our hotels or the value of awards purchased from program partners. We estimate the future redemption obligation based upon historical experience, including an estimate of “breakage” for points that will never be redeemed. The estimate is based on a calculation that includes assumptions for the redemption rate, redemption type (whether for a free night certificate or other award), rate of redemption at Company-owned hotels versus franchised hotels and the number of points required per stay. The net expenses of the Returns program are charged to marketing, promotional and other advertising expenses in the accompanying combined statements of operations. As of December 31, 2015 and 2014, the total liability for Returns points was approximately $15.6 million and $14.2 million, respectively, of which $5.7 million and $5.5 million are included in accrued expenses and other liabilities, representing the estimated points expected to be redeemed in the next year. The remainder is included within other long-term liabilities in the accompanying combined balance sheets. Actual financial results of the Returns program may vary from our estimate due primarily to variances from assumptions used in the calculation of the obligation for future redemptions and changes in member behavior. These variances are accounted for as changes in estimates and are charged to operations as they become known.
Non-controlling interests	Non-controlling interests— Non-controlling interests are recognized within total equity in our consolidated balance sheets, reflected in net loss attributable to non-controlling interests in our consolidated statements of operations, and included in our consolidated statements of equity. We hold a 60% controlling equity interest in a joint venture. The joint venture owns and operates one hotel in New Orleans, Louisiana. The non-controlling interest, totaling 40%, represents the external partner’s interest in the joint venture of approximately $2.9 million and $3.1 million as of December 31, 2015 and 2014, respectively. Total distributions to the non-controlling interest holder were approximately $0.5 million, $0.6 million and $0.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. As described in Note 1, effective April 14, 2014 we acquired LQM. Prior to the acquisition date, we consolidated LQM, and LQM’s results of operations and net equity or deficit were presented as a non-controlling interest.
Lodging and Operating Expenses	Direct lodging expenses— Direct lodging expenses primarily consist of direct labor costs, repairs and maintenance, utilities, and other advertising costs to operate our owned hotels. Other lodging and operating expenses— Other lodging and operating expenses consist of indirect costs to operate our owned hotels such as property taxes and insurance.
General and administrative expenses	General and administrative expenses— General and administrative expenses consist of items such as corporate operating expenses including operations, information technology, accounting, legal, human resources, and equity based compensation.
Marketing, promotional and other advertising expenses	Marketing, promotional and other advertising expenses— Marketing, promotional, and other advertising expenses consist of BMF expenses not paid for with funds received from franchised or managed hotels, expenses related to other customer loyalty programs such as Returns, and other advertising expenses.
Advertising costs	Advertising costs— We incur advertising costs associated with general promotion of the La Quinta brand and specific advertising and marketing support for our operation and for the operations of our franchisees. We expense the production cost of advertising the first time the advertising is publicly displayed. For the years ended December 31, 2015, 2014 and 2013, we incurred advertising and promotional expenses included within the following in the accompanying combined statements of operations: (In thousands) 2015 2014 2013 Direct lodging expenses $ 5,615 $ 5,802 $ 6,300 Other lodging and operating expenses — — 167 General and administrative expenses 1,249 1,572 1,324 Marketing, promotional and other advertising expenses 61,209 52,195 47,796 Total $ 68,073 $ 59,569 $ 55,587
Long-term debt amendments	Long-term debt amendments— We may elect to amend, extend, repay, or otherwise modify the terms of our long-term debt arrangements. When such a transaction occurs, we determine the appropriate accounting treatment primarily by first determining whether we have been fully relieved of our obligation by the creditor. If so, we recognize an extinguishment of debt and calculate a gain or loss which is reflected as gain or loss on extinguishment of debt in the accompanying combined statements of operations. If we are not fully relieved of our obligation by the creditor, we consider whether the amended debt agreement has substantially different terms, generally defined as a change in cash flows, on a present value basis, of 10 percent or greater. If the terms are not substantially different, we account for the change as a modification. If the terms are substantially different, we account for the change as an extinguishment of the old debt and the issuance of a new debt instrument. The determination of modification or extinguishment status then governs the expense versus deferral treatment of third party costs paid related to the modification.
Equity-Based Compensation	Equity Based Compensation — We recognize the cost of services received in an equity based payment transaction with an employee as services are received and record either a corresponding increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria. The measurement objective for these equity awards is the estimated fair value at the grant date of the equity instruments that we are obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. The compensation cost for an award classified as an equity instrument is recognized ratably over the requisite service period, including an estimate of forfeitures. The requisite service period is the period during which an employee is required to provide service in exchange for an award. Compensation cost for awards with performance conditions is recognized over the requisite service period if it is probable that the performance condition will be satisfied. If such performance conditions are not considered probable until they occur, no compensation expense for these awards is recognized.
Income Taxes	Income Taxes — The accompanying consolidated financial statements include taxable entities, limited liability companies, and, through April 14, 2014, REIT entities. Limited liability companies and REITs generally are not subject to federal income taxes at the entity level. For our taxable subsidiaries, we account for income taxes using the asset and liability approach for financial accounting and reporting purposes. For financial reporting purposes, income tax expense or benefit is based on reported financial accounting income or loss before income taxes related to our taxable subsidiaries. Deferred tax assets and liabilities reflect the temporary differences between assets and liabilities recognized for financial reporting and the analogous amounts recognized for tax purposes using the statutory tax rates expected to be in effect for the year in which the differences are expected to reverse, within the taxable subsidiaries. Prior to the IPO, certain of our subsidiaries had elected to be treated as REITs for federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). To qualify as REITs, these subsidiaries had to meet all of the required organizational and operational requirements, including a requirement that the REIT distribute at least 90% of its regular taxable income to its shareholders as dividends eligible for the dividends paid deduction. Prior to the IPO, the REIT subsidiaries adhered to these requirements. If the REIT subsidiaries failed to qualify as REITs in any taxable year, they would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and might not qualify as REITs for the four subsequent taxable years. For this reason, one of our REITs formed taxable subsidiaries to hold certain assets that could have otherwise adversely affected its REIT status. These taxable subsidiaries are or were subject to federal and state income taxes. On April 14, 2014, the La Quinta Predecessor Entities were contributed to Holdings, a “C” corporation, the shares of capital stock held by third-party shareholders of our REIT entities were redeemed for cash totaling approximately $3.9 million, and our REITs were converted into limited liability companies. As a result of these transactions, we have become subject to additional entity-level taxes and, as of April 14, 2014, we recorded a one-time net deferred tax expense of $321.1 million, which reflects the establishment of the associated net deferred tax liability. We evaluate the probability of realizing the future benefits of deferred tax assets and provide a valuation allowance for the portion of any deferred tax assets where the likelihood of realizing an income tax benefit in the future does not meet the more-likely-than-not criteria for recognition. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. We accrue interest and, if applicable, penalties for any uncertain tax positions. Our policy is to classify interest and penalties as a component of income tax expense. The Company has open tax years dating back to 2010. The State of Texas imposes a margin tax of 0.75%, based on the prior year’s Texas-sourced gross receipts. This tax is treated as an income tax and accrued in the accounting period in which the taxable gross receipts are recognized. We are required by certain foreign jurisdictions to have franchisees withhold, for income tax purposes, a percentage of revenues related to royalties and certain other revenues. For the years ended December 31, 2013 and 2012, the withholding rate was up to 30%. For the period from January 1, 2014 to April 13, 2014, the withholding rates were up to 35%. For the period from April 14, 2014 to December 31, 2015, the withholding rate was between 10% and 33% depending upon the country, after the application of certain tax treaties between the U.S. and certain countries. These taxes are treated as an income tax and expensed in the period in which the taxable gross receipts are recognized.
Comprehensive income	Comprehensive income— Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources and includes all changes in equity during a period, except those resulting from investments by owners and distributions to owners.
Concentrations of credit risk and business risk	Concentrations of credit risk and business risk — Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents, and restricted cash. We utilize financial institutions that we consider to be of high credit quality and consider the risk of default to be minimal. We also monitor the credit-worthiness of our customers and financial institutions before extending credit or making investments. Lodging operations are particularly sensitive to adverse economic and competitive conditions and trends, which could adversely affect the Company’s business, financial condition, and results of operations. Geographic concentrations, which potentially subject us to concentrations of business risk, relate primarily to locations of hotels and the revenue recognized in various states within the United States. We have a concentration of hotels operating in Texas and Florida. The percentages of our total revenues, including revenue from discontinued operations, from these states for the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 Texas 22 % 23 % 26 % Florida 17 % 16 % 13 % Total 39 % 39 % 39 %
Newly Issued and Adopted Accounting Standards	Newly Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09. The new guidance on revenue from contracts with customers will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2017; early adoption is permitted for annual reporting periods beginning after December 15, 2016. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement – Extraordinary and Unusual Items (Subtopic 225-20).” The amendments in this ASU eliminate the requirement of Extraordinary Items to be separately classified on the income statement. This will alleviate uncertainty for preparers, auditors, and regulators because auditors and regulators no longer will need to evaluate whether a preparer treated an unusual and/or infrequent item appropriately. The update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We do not anticipate that the adoption of this standard will have a material impact on our financial position, results of operations and related disclosures. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810)—Amendments to the Consolidation Analysis.” The update primarily amends the criteria used to evaluate whether certain variable interest entities should be consolidated and modifies the criteria used to determine whether partnerships and similar entities are variable interest entities. The update is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, including in the interim periods. We do not anticipate that the adoption of this standard will have a material impact on our financial position, results of operations and related disclosures. Newly Adopted Accounting Standards In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under the new guidance, only a disposal of a component that represents a major strategic shift of an organization qualifies for discontinued operations reporting. The guidance also requires expanded disclosures about discontinued operations and new disclosures in regards to individually significant disposals that do not qualify for discontinued operations reporting. This guidance is effective for the first interim or annual period beginning on or after December 15, 2014. We adopted this standard as of January 1, 2015. This adoption impacts the comparability of our financial statements as disposals of individual owned hotels will generally no longer qualify as discontinued operations. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This ASU requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset, which is consistent with the presentation of debt discounts or premiums. The provisions of ASU No. 2015-03 are effective for reporting periods beginning after December 31, 2015 and is required to be adopted retroactively; early adoption is permitted. We have elected to adopt this update as of the fourth quarter of 2015. Accordingly, debt issuance costs in the amount of $26,188 which were formerly classified as a non-current asset in deferred costs at December 31, 2014 have been reclassified as an offset to long-term debt in our consolidated balance sheet. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. To simplify the presentation of deferred income taxes, this ASU requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this ASU. The provisions of ASU No. 2015-17 are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. We have elected to adopt this update as of the fourth quarter of 2015. Accordingly, net deferred tax assets in the amount of $59,746 which were formerly classified as current assets at December 31, 2014 have been reclassified as an offset to long-term liabilities in our consolidated balance sheet. From time to time, new accounting standards are issued by FASB or other standards setting bodies, which we adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption.
Assets held for sale	Assets held for sale— Long-lived assets are classified as held for sale when all of the following criteria are met: · Management, having the authority to approve the action, commits to a plan to sell the asset and does not expect significant changes to the plan or that the plan will be withdrawn · The asset is available for immediate sale in its present condition · The asset is being actively marketed · The sale of the asset is probable within one year When we identify a long-lived asset as held for sale, depreciation of the asset is discontinued and the carrying value is reduced, if necessary, to the estimated sales price less costs to sell by recording a charge to current earnings. All assets held for sale are monitored through the date of sale for potential adjustments based on offers we are willing to take under serious consideration and continued review of facts and circumstances. Losses on sales are recorded to the extent that the amounts ultimately received for the sale of assets differ from the adjusted book values of the assets. Gains on sales are recognized at the time the assets are sold, provided there is reasonable assurance the sales price will be collected and any future activities to be performed by the Company relating to the assets sold are expected to be insignificant. Valuation and impairment of long-lived assets— We review the performance of long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We also identify properties we intend to sell and properties we intend to hold for use. For each asset or group of assets held for use with indicators of impairment, we compare the sum of the expected future cash flows (undiscounted and without interest charges) generated by the asset or group of assets with its associated net carrying value. If the net carrying value of the asset or group of assets exceeds expected undiscounted future cash flows, the excess of the net book value over estimated fair value is charged to impairment loss in the accompanying combined statements of operations. Properties held for sale are reported at the lower of their carrying amount or their estimated sales price, less estimated costs to sell. We estimate fair value primarily using Level 3 inputs by (1) calculating the discounted expected future cash flows, and (2) calculating expected liquidated sales proceeds, relying on common hotel valuation methods such as multiples of room revenues or per room valuations. Our estimate of fair value of the asset using these Level 3 inputs then becomes the new basis of the asset or group of assets and this new basis is then depreciated over the asset’s remaining useful life. We may be subject to impairment charges in the future, in the event that operating results of individual hotel operations are materially different from its forecasts, the economy or the lodging industry weakens, or if the assumed holding period of a hotel is shortened.

Organization and Basis of Pre28

Organization and Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Hotels Owned, Franchised, Managed, and Number of Associated Rooms	As of December 31, 2015, 2014 and 2013, total owned, franchised, and managed hotels, and the approximate number of associated rooms were as follows: 2015 2014 2013 # of hotels # of rooms # of hotels # of rooms # of hotels # of rooms Owned (1) 340 43,400 352 44,800 342 43,500 Joint Venture 1 200 1 200 1 200 Managed (2) — — — — 14 1,700 Franchised 545 43,900 514 41,500 477 38,300 Totals 886 87,500 867 86,500 834 83,700 (1) During the second quarter of 2015, we sold one of our owned hotels for $3.0 million, net of transaction costs. We recorded a loss on sale of $4.0 million related to this transaction. The purchaser subsequently signed a franchise agreement for this hotel to remain in our system. During the fourth quarter of 2015, we sold 11 of our owned hotels for $34.1 million, net of transaction costs. At December 31, 2015, owned hotels includes 13 hotels designated as assets held for sale, which are subject to a definitive purchase agreement. (2) These hotels were, as of December 31, 2013, owned by affiliates of the Funds. On April 14, 2014, these hotels were acquired by Holdco III. (See Notes 4 and 11)

Significant Accounting Polici29

Significant Accounting Policies and Recently Issued Accounting Standards (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Property and Equipment Estimated Useful Life	Property and equipment consists of the following, along with associated estimated useful lives: Buildings and improvements 5 to 40 years Hotel equipment, automobiles, furniture, and fixtures 2 to 10 years Leasehold improvements shorter of the lease term or the estimated useful life
Intangible Assets Estimated Useful Life	Intangible assets with a definite life are amortized on a straight-line basis over their estimated useful lives, which consist of the following: Franchise agreements, management contracts and other 3 to 20 years Returns membership list 3 years Leasehold interests — 2 to 49 years
Accrued Liabilities Related to Insurance Programs	As of December 31, 2015 and 2014, we accrued the following liabilities related to these insurance programs: (In thousands) 2015 2014 Automobile and general liability insurance $ 21,769 $ 22,485 Workers’ compensation 8,360 5,516 Health insurance 1,242 659 $ 31,371 $ 28,660
Advertising and Promotional Expenses	For the years ended December 31, 2015, 2014 and 2013, we incurred advertising and promotional expenses included within the following in the accompanying combined statements of operations: (In thousands) 2015 2014 2013 Direct lodging expenses $ 5,615 $ 5,802 $ 6,300 Other lodging and operating expenses — — 167 General and administrative expenses 1,249 1,572 1,324 Marketing, promotional and other advertising expenses 61,209 52,195 47,796 Total $ 68,073 $ 59,569 $ 55,587
Percentages of Total Revenues	The percentages of our total revenues, including revenue from discontinued operations, from these states for the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 Texas 22 % 23 % 26 % Florida 17 % 16 % 13 % Total 39 % 39 % 39 %

Assets Held for Sale and Disc30

Assets Held for Sale and Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations And Disposal Groups [Abstract]
Major Classes of Assets as Held for Sale	As of December 31, 2015, the carrying amounts of the major classes of assets for the assets held for sale were as follows: December 31, 2015 (in thousands) Current assets $ 221 Property and equipment, net 34,982 Other non-current assets 320 Total assets held for sale $ 35,523
Summary of Results from Discontinued Operations	The following table summarizes the results of the discontinued operations: For the years ended December 31, 2014 2013 (in thousands) Hotel revenues $ 361 $ 41,477 Direct lodging expenses 651 25,780 Other lodging and operating expenses 62 4,317 Operating income (352 ) 11,380 Depreciation and amortization — (5,056 ) Impairment charge (see note 10) (151 ) (19,533 ) Gain on sale from discontinued operations — 10,714 Loss on discontinued operations $ (503 ) $ (2,495 )

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of Unaudited Proforma Results of Operation	The following unaudited pro forma results of operations reflect our results as if the acquisition of the Previously Managed Hotels had occurred on January 1, 2013. In our opinion, all significant adjustments necessary to reflect the effects of the acquisitions have been made (in thousands, except per share data): For the years ended December 31, 2014 2013 Total revenues $ 988,858 $ 909,433 Net income (loss) attributable to La Quinta Holdings’ stockholders (333,698 ) 11,131 Basic and diluted earnings (loss) per share (2.65 ) 0.09

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Finite Lived and Indefinite Lived Intangible Assets	Intangible assets consist of both finite-lived and indefinite-lived assets. The following is a summary of our intangible assets as of December 31, 2015 and 2014: 2015 2014 Weighted average remaining life Amount Weighted average remaining life Amount (in thousands) (in thousands) Finite-lived assets: Favorable leasehold interests—hotels, restaurants, offices 27 years $ 9,680 28 years $ 9,680 Franchise agreements, management contracts and other 5 years 18,015 6 years 18,015 Returns membership list — (1) 3,200 — (1) 3,200 Accumulated amortization (22,234 ) (20,923 ) Total finite–lived assets 8,661 9,972 Indefinite-lived assets; Trademarks—La Quinta 169,434 169,434 Total $ 178,095 $ 179,406 (1) As of December 31, 2015 and 2014, the Returns membership list has been fully amortized. For the years ended December 31, 2015 2014 2013 (in thousands) Amortization expense related to intangible assets: Depreciation and amortization expense $ 937 $ 1,075 $ 1,210 Direct lodging operations 374 365 320 Total amortization expense $ 1,311 $ 1,440 $ 1,530
Estimated Amortization Expense of Intangible Assets	As of December 31, 2015, estimated amortization expense related to intangible assets for the years ending December 31 is as follows (in thousands): 2016 $ 1,094 2017 1,019 2018 908 2019 897 2020 797 Thereafter 3,946 $ 8,661

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property Plant And Equipment [Abstract]
Summary of Property and Equipment	The following is a summary of property and equipment as of December 31, 2015 and 2014: 2015 2014 (in thousands) Land $ 796,790 $ 836,514 Buildings and improvements 2,703,293 2,799,967 Furniture, fixtures, equipment and other 408,190 403,271 Total property and equipment 3,908,273 4,039,752 Less accumulated depreciation (1,288,281 ) (1,214,450 ) Property and equipment, net 2,619,992 2,825,302 Construction in progress 3,480 946 Total property and equipment, net of accumulated depreciation $ 2,623,472 $ 2,826,248

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt as of December 31, 2015 and 2014 was as follows: 2015 2014 (in thousands) Current portion of term facility $ 17,514 $ 19,001 Long-term portion of term facility 1,694,585 1,840,510 Total long term debt $ 1,712,099 $ 1,859,511 (1) As of December 31, 2015 and 2014, the 30 day United States dollar London Interbank Offering Rate (“LIBOR”) was 0.36% and 0.16%, respectively. As of December 31, 2015, the interest rate, maturity date and principal payments on the Term Facility were as follows: · The terms of the Term Facility require us to make certain scheduled principal payments quarterly beginning September 30, 2014. Final maturity is April 2021. During year ended December 31, 2015, we made voluntary principal prepayments totaling $135.0 million and quarterly scheduled principal payments totaling $17.7 million. · The interest rate for the Term Facility through July 31, 2015 was LIBOR with a floor of 1.0% plus a spread of 3.0%. As of July 31, 2015, we achieved a consolidated first lien net leverage ratio of less than 4.50 to 1.00, and as a result the rate decrease to LIBOR with a floor of 1.0% plus a spread of 2.75% for the period from August 1, 2015 to December 31, 2015. Included in the Term Facility as of December 31, 2015 and 2014 is an unamortized original issue discount of $8.2 million and $9.6 million, respectively. As of December 31, 2015 and 2014, we had $16.5 million and $18.6 million, respectively, in accrued interest included within accrued expenses and other liabilities in the accompanying condensed
Summary of Contractual Maturity Term Facility	The contractual maturity of our Term Facility as of December 31, 2015 was as follows (1) (in thousands) Year 2016 $ 17,514 2017 17,514 2018 17,514 2019 17,514 2020 17,514 Thereafter 1,655,093 $ 1,742,663 (1) Excludes the deduction of debt issuance costs of $22.4 million and includes the unamortized portion of the original issue discount of $8.2 million.
Schedule of Interest Expense, Net	Net interest expense, including the impact of our interest rate swap (see Note 8), consisted of the following for years ended December 31, 2015, 2014 and 2013: Description 2015 2014 2013 (in thousands) Term Facility $ 81,394 $ 65,994 $ — Mortgage Loan — 23,754 69,203 Holdco III Mortgage Loan — 3,206 12,121 Mezzanine Loans: Current — 3,107 9,025 Deferred — 18,601 52,877 Amortization of long-term debt reduction — (1,532 ) (4,595 ) Amortization of deferred financing costs 3,810 6,938 10,155 Amortization of original issue discount 1,400 912 — Other interest 10 14 22 Interest income (110 ) (49 ) (193 ) Total interest expense, net $ 86,504 $ 120,945 $ 148,615

Derivative Instruments and He35

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Effects of Fair Value of Derivative Instruments in Consolidated Balance Sheets	The effects of our derivative instruments on our consolidated balance sheets were as follows: December 31, 2015 December 31, 2014 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value (in thousands) Cash Flow Hedges: Interest rate swap Other non- current long-term liabilities $ (11,440 ) Other non- current long-term liabilities $ (4,811 )
Earnings Effect of Derivative Instruments in Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income	The effects of our derivative instruments on our consolidated statements of operations and consolidated statements of comprehensive income, net of the effect for income taxes, were as follows: Classification (Loss) Recognized 2015 2014 2013 (in thousands) Cash Flow Hedges: Interest rate swap (1) Other comprehensive income $ (4,309 ) $ (3,127 ) $ — Non-designated Hedges: Interest rate caps Other income (loss) — — (135 ) (1) There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing during the years ended December 31, 2015 and 2014.

Accrued Expenses and Other Li36

Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Payables And Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other liabilities include the following as of December 31, 2015 and 2014: (In thousands) 2015 2014 Accrued automobile and general liability insurance $ 21,769 $ 22,485 Accrued sales and occupancy taxes 9,431 11,981 Accrued liability for guest loyalty program points 5,732 5,484 Accrued interest 16,487 18,551 Other accrued expenses 9,701 12,616 Total accrued expenses and other liabilities $ 63,120 $ 71,117

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities	The carrying amount and estimated fair values of our financial assets and liabilities, which include related current portions, were as follows: December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Cash and cash equivalents (1) $ 86,709 $ 86,709 $ 109,857 $ 109,857 Interest rate swaps (2) (11,440 ) (11,440 ) (4,811 ) (4,811 ) Long-term debt (3)(4) 1,712,099 1,675,760 1,859,511 1,846,181 (1) Classified as Level 1 under the fair value hierarchy. (2) Classified as Level 2 under the fair value hierarchy. (3) Classified as Level 3 under the fair value hierarchy. (4) Carrying amount includes deferred debt issuance costs of $22.4 million and $26.2 million as of December 31, 2015 and 2014, respectively.
Schedule of Fair Value of Assets Measured on Non-recurring Basis and Related Impairment Charges	The following fair value hierarchy table presents information about assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015: Level 1 Level 2 Level 3 Total Fair Value Impairment Charge (in thousands) 24 Owned Hotels Held for Sale (1) $ — $ — $ 34,498 $ 34,498 $ 43,382 1 Owned Hotel — — 2,422 2,422 5,103 1 Owned Restaurant Parcel — — 1,025 1,025 1,636 $ — $ — $ 37,945 $ 37,945 $ 50,121 (1) During 2015, we sold 11 of the 24 hotels that were designated as assets held for sale in the third quarter of 2015. The remaining 13 are included in assets held for sale as of December 31, 2015 and are subject to a definitive purchase agreement . The following fair value hierarchy table presents information about assets measured at fair value on a nonrecurring basis during as of December 31, 2014: Level 1 Level 2 Level 3 Total Fair Value Impairment Charge (in thousands) 1 La Quinta Inn $ — $ — $ 249 $ 249 $ 5,157

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Components of Income Tax Provision	The components of our income tax provision are as follows: (In thousands) 2015 2014 2013 Current provision: Federal $ 1,933 $ 2,615 $ 874 State (1) 3,442 3,121 2,543 Foreign 78 103 205 Total current 5,453 5,839 3,622 Deferred provision: Federal 17,765 22,279 (34 ) State (731 ) 687 77 Total deferred 17,034 22,966 43 Provision for income taxes 22,487 28,805 3,665 Recognition of net deferred tax liabilities upon C-corporation conversion — 321,054 — Total income tax expense $ 22,487 $ 349,859 $ 3,665 (1) The State current provision contains approximately $0.1 million of tax expense included in gain (loss) on discontinued operations for the year ended December 31, 2013.
Significant Components of Deferred Tax Assets and Liabilities	The significant components of the deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: December 31, (In thousands) 2015 2014 Deferred Tax Assets Net Operating Losses $ 43,583 $ 77,639 Insurance Accruals 10,641 7,355 Tax Credits 11,550 9,638 Cash Flow Hedge-OCI 4,004 1,684 Intangibles 12,602 11,682 Doubtful Accounts 1,932 1,853 Returns Club 343 5,876 Compensation Accruals 8,054 7,613 Other 1,960 2,337 Total gross deferred tax assets 94,669 125,677 Less: Valuation Allowance (9,300 ) (8,947 ) Deferred Tax Assets $ 85,369 $ 116,730 Deferred Tax Liabilities Fixed Assets $ 361,856 $ 382,153 Trademark 61,603 61,218 Cancellation of Debt Income 9,300 12,382 Linens, uniforms and supplies 4,225 — Other 1,973 727 Deferred Tax Liabilities 438,957 456,480 Net Deferred Taxes $ (353,588 ) $ (339,750 )
Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate	The following is a reconciliation of the statutory federal income tax rate to the effective tax rate reported in the combined financial statements: (in thousands) 2015 2014 2013 Statutory U.S. federal income tax provision $ 17,219 $ 5,934 $ 3,015 State tax, net of federal benefit 2,221 4,957 2,553 Foreign tax, net of federal benefit 50 67 205 Nondeductible stock compensation 1,948 16,155 — Nondeductible book loss from January 1, 2014 through April 13, 2014 — 4,480 — Income not subject to tax at the La Quinta Predecessor Entities level — — (2,923 ) Change in valuation allowance 353 (767 ) 609 Return to provision (688 ) (329 ) — Changes in deferred taxes 541 (1,904 ) — Other 843 212 139 Provision for income taxes 22,487 28,805 3,598 Recognition of net deferred tax liabilities upon C-corporation conversion — 321,054 (1) — Income tax expense $ 22,487 $ 349,859 $ 3,598 (1) The one-time net deferred tax expense of $321.1 million consists of (a) the recognition of deferred tax liabilities of approximately $462.3 million, primarily related to differences between the book and tax basis for fixed and intangible assets, (b) the recognition of deferred tax assets of approximately $14.0 million, primarily related to tax basis only intangibles, and (c) as a result of the change in the Company’s tax status, a tax benefit of $127.2 million related to the reduction in valuation allowance, primarily associated with La Quinta Predecessor Entities’ net operating losses and tax credits.
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in thousands) 2015 2014 2013 Unrecognized tax benefits, beginning of the year $ — $ — $ — Gross increase in unrecognized tax positions in the current year 2,990 — — Unrecognized tax benefits, end of the year $ 2,990 $ — $ —

Third Party Lease Commitments (

Third Party Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Future Minimum Rental Income to be Received	As of December 31, 2015, approximate future minimum rental income to be received under non-cancelable operating leases, in excess of one-year, is as follows: Year ending December 31, Operating lease income (in thousands) 2016 $ 4,364 2017 4,119 2018 3,731 2019 3,470 2020 3,241 Thereafter 6,072 $ 24,997
Operating Ground Lease Commitments	options at fair market value at the conclusion of the initial lease terms. The leases extend for varying periods through 2096. Year ending December 31, Operating ground lease commitments (in thousands) 2016 $ 5,014 2017 4,636 2018 4,446 2019 4,431 2020 4,390 Thereafter 108,627 $ 131,544

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Performance Unit Grant [Member]
Assumptions Used in Determining Fair Value of Performance Unit Grant	The grant date fair value of the 2014 Performance Unit Grant was $19.80 per share, which was determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 24.05 % Dividend yield (2) — % Risk-free rate (3) 0.70 % Expected term (in years) (4) 2.6 (1) Due to limited trading history for our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of our share price. As a result, we used an average historical volatility of our peer group over a time period consistent with our expected term assumption. Our peer group was determined based upon companies in our industry with similar business models and is included with those used to benchmark our executive compensation. (2) At the time of the 2014 Performance Unit Grant, we had no plans to pay dividends during the expected term of these performance shares. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected lives. (4) Midpoint of the 30-calendar day period preceding the end of the performance period.
Performance Unit Grant II [Member]
Assumptions Used in Determining Fair Value of Performance Unit Grant	The grant date fair value of the 2015 Performance Unit Grant was $25.35 per share, which was determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 31.66 % Dividend yield (2) — % Risk-free rate (3) 1.00 % Expected term (in years) (4) 2.87 (1) Expected volatility is calculated as the average of the long-term historical volatility based on the peer companies and our implied volatility. (2) At the time of the 2015 Performance Unit Grant, we had no foreseeable plans to pay dividends during the expected term of these performance shares. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected lives. (4) As of the grant date.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Reconciliation of Numerators and Denominators Used for Computation of Basic and Diluted Earnings Per Share	The calculations of basic and diluted earnings per share are as follows: 2015 2014 2013 Numerator: Income (loss) from continuing operations attributable to La Quinta Holdings’ stockholders $ 26,365 $ (336,794 ) $ 6,471 Income (loss) from discontinued operations attributable to La Quinta Holdings’ stockholders — (503 ) (2,495 ) Net income (loss) attributable to La Quinta Holdings’ stockholders $ 26,365 $ (337,297 ) $ 3,976 Denominator: Weighted average number of shares outstanding, basic 128,272 126,156 121,996 Weighted average number of shares outstanding, diluted 129,172 126,156 121,996 Income (loss) from continuing operations attributable to La Quinta Holdings’ stockholders per common share, basic and diluted $ 0.21 $ (2.67 ) $ 0.05 Income (loss) from discontinued operations attributable to La Quinta Holdings’ stockholders per common share, basic and diluted — — (0.02 ) Basic earnings (loss) per share $ 0.21 $ (2.67 ) $ 0.03 Diluted earnings (loss) per share $ 0.20 $ (2.67 ) $ 0.03

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Summarized Consolidated Financial Information by Segment	The table below shows summarized consolidated financial information by segment: 2015 2014 2013 (in thousands) Revenues Owned hotels $ 911,491 $ 870,061 $ 778,898 Franchise and management (1) 114,610 94,002 55,542 Segment revenues 1,026,101 964,063 834,440 Other fee-based revenues from franchise and managed properties 23,204 21,481 19,065 Corporate and other (2) 126,469 116,805 97,177 Intersegment elimination (3) (145,800 ) (125,411 ) (76,789 ) Total revenues $ 1,029,974 $ 976,938 $ 873,893 Adjusted EBITDA Owned hotels 314,278 312,067 311,809 Franchise and management 114,610 94,002 55,542 Segment Adjusted EBITDA 428,888 406,069 367,351 Corporate and other (34,846 ) (36,180 ) (40,544 ) Adjusted EBITDA $ 394,042 $ 369,889 $ 326,807 (1) This segment includes intercompany fees which are charged to our owned hotels to reflect that certain functions, such as licensing and management, are included in the franchise and management segment. Prior to the IPO, we charged aggregate fees of 2.0% (0.33% license fees for trademark rights and 1.67% management fee for management services) to our owned hotels. In connection with the IPO, we entered into a new franchise agreement with our owned hotels, which covers certain services as well as trademark rights, and a new management agreement and terminated the existing agreements with our owned hotels. The new agreements, which commenced April 14, 2014, provide for a franchise fee of 4.5% of gross room revenues and a management fee of 2.5% of gross operating revenues for our owned hotels. Our consolidated financial information by segment for periods prior to April 14, 2014 presented herein reflects the historical aggregate fees of 2.0%. (2) Includes revenues related to our brand management programs and other cost reimbursements. The portions of these fees that are charged to our owned hotels, which totaled $75.1 million, $68.4 million and $53.7 million for the years ended December 31, 2015, 2014 and 2013, respectively, are eliminated in the accompanying consolidated financial statements. The franchise agreement we entered into with our owned hotels upon effectiveness of the IPO also includes a reservation fee of 2.0% of gross room revenues, which is reflected in corporate and other. (3) Includes management, license, franchise, BMF, Returns and other cost reimbursements totaling $145.8 million, $125.4 million and $76.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. These fees are charged to owned hotels and are eliminated in the accompanying consolidated financial statements.
Reconciliation of Adjusted EBITDA to EBITDA and EBITDA to Net Income (Loss) Attributable to Company	The table below provides a reconciliation of Adjusted EBITDA to EBITDA and EBITDA to net income (loss) attributable to La Quinta Holdings’ stockholders for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 (in thousands) Adjusted EBITDA $ 394,042 $ 369,889 $ 326,807 Fixed asset impairment loss (50,121 ) (5,308 ) (19,533 ) Income (loss) from discontinued operations — (377 ) 8,636 Gain on sale from discontinued operations — — 10,714 Loss on sale (4,088 ) — — Loss on retirement of assets (445 ) (177 ) (359 ) Gain (loss) related to casualty disasters (1,824 ) 6,772 1,825 Loss on extinguishment of debt, net — (2,030 ) — Equity Based Compensation (18,814 ) (58,007 ) — Severance Charges (1) (11,021 ) — — Other gains (losses), net (2) 4,347 821 (2,697 ) EBITDA 312,076 311,583 325,393 Interest expense (86,614 ) (120,994 ) (148,806 ) Income tax expense (22,487 ) (28,805 ) (3,665 ) Recognition of net deferred tax liabilities upon C-corp conversion — (321,054 ) — Depreciation and amortization (176,263 ) (174,137 ) (170,401 ) Non-controlling interests (347 ) (3,890 ) 1,455 Net income (loss) attributable to the Company $ 26,365 $ (337,297 ) $ 3,976 (1) Includes cash and non-cash charges relating to the departure of the Company’s former President and Chief Executive Officer. (2) Other gains (losses), net primarily consists of net income (loss) attributable to the BMF (which, over time, runs at a break-even level, but may reflect a profit or loss from period to period), insurance proceeds from business interruption and litigation reserve adjustments.
Reconciliation of Assets for Reportable Segments to Consolidated Amounts	The following table presents assets for our reportable segments, reconciled to consolidated amounts as of December 31, 2015, 2014 and 2013: 2015 2014 (1) 2013 (1) (in thousands) Total Assets Owned hotels $ 2,682,394 $ 2,874,098 $ 2,917,759 Franchise and management 192,284 191,410 192,191 Total segments assets 2,874,678 3,065,508 3,109,950 Corporate and other 111,166 114,265 51,761 Total $ 2,985,844 $ 3,179,773 $ 3,161,711 (1) We have elected to early adopt ASU No. 2015-03 and ASU No. 2015-17 as of the fourth quarter of 2015. Accordingly, debt issuance costs in the amount of $26.2 million which were formerly classified as a non-current asset in deferred costs have been reclassified as an offset to long-term debt and net deferred tax assets in the amount of $59.7 million which were formerly classified as current assets at December 31, 2014 have been reclassified as an offset to non-current liabilities for 2014. For 2013, debt issuance costs in the amount of $8.1 million which were formerly classified as a non-current asset in deferred costs have been reclassified as an offset to long-term debt and no reclassification for deferred taxes was required.
Reconciliation of Capital Expenditures for Reportable Segments to Consolidated Amounts	The following table presents capital expenditures for our reportable segments, reconciled to our consolidated amounts: 2015 2014 2013 (in thousands) Owned hotels $ 82,139 $ 65,150 $ 97,336 Franchise and management — — — Total segment capital expenditures 82,139 65,150 97,336 Corporate and other 18,637 13,480 18,193 Total $ 100,776 $ 78,630 $ 115,529

Selected Quarterly Financial 43

Selected Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Year (in thousands, except per share data) Total Revenues $ 248,106 $ 273,888 $ 279,103 $ 228,877 $ 1,029,974 Operating income 32,913 15,177 52,740 27,241 128,071 Net income (loss) 6,314 (4,567 ) 17,083 7,882 26,712 Net income (loss) attributable to La Quinta Holdings’ stockholders 6,142 (4,663 ) 17,058 7,828 26,365 Basic earnings (loss) per share $ 0.05 $ (0.04 ) $ 0.13 $ 0.06 $ 0.21 Diluted earnings (loss) per share $ 0.05 $ (0.04 ) $ 0.13 $ 0.06 $ 0.20 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Year (in thousands, except per share data) Total Revenues $ 217,309 $ 260,289 $ 271,118 $ 228,222 $ 976,938 Operating income 34,742 25,452 54,319 22,156 136,669 Net income (loss) (3,522 ) (338,635 ) 12,867 (4,117 ) (333,407 ) Net income (loss) attributable to La Quinta Holdings’ stockholders (7,343 ) (338,578 ) 12,817 (4,193 ) (337,297 ) Basic and diluted earnings (loss) per share $ (0.06 ) $ (2.67 ) $ 0.10 $ (0.03 ) $ (2.67 )

Organization and Basis of Pre44

Organization and Basis of Presentation - Additional Information (Detail) $ in Millions	Apr. 14, 2014USD ($)Hotelshares	Apr. 30, 2015shares	Nov. 30, 2014shares	Dec. 31, 2015shares	Dec. 31, 2014shares
Organization and Basis of Presentation [Line Items]
Number of hotels acquired | Hotel	14
Aggregate of common stock of Holdings				130,974,073	130,778,365
Business acquisition ownership interest percentage	100.00%
Business acquisition cash paid | $	$ 0.8
Blackstone [Member]
Organization and Basis of Presentation [Line Items]
Percentage of common shares outstanding			45.20%	28.30%
Parent Company [Member]
Organization and Basis of Presentation [Line Items]
Aggregate of common stock of Holdings				81,060,000
IPO [Member]
Organization and Basis of Presentation [Line Items]
Initial public offering, issued and sold	44,000,000
Secondary Offering [Member] | Blackstone [Member]
Organization and Basis of Presentation [Line Items]
Initial public offering, issued and sold		23,900,000	23,000,000

Organization and Basis of Pre45

Organization and Basis of Presentation - Summary of Hotels Owned, Franchised, Managed, and Number of Associated Rooms (Detail)	Dec. 31, 2015HotelRoom	Dec. 31, 2014HotelRoom	Dec. 31, 2013HotelRoom
Real Estate Properties [Line Items]
Number of hotels | Hotel	886	867	834
Number of rooms | Room	87,500	86,500	83,700
Owned [Member]
Real Estate Properties [Line Items]
Number of hotels | Hotel	340	352	342
Number of rooms | Room	43,400	44,800	43,500
Joint Venture [Member]
Real Estate Properties [Line Items]
Number of hotels | Hotel	1	1	1
Number of rooms | Room	200	200	200
Previously Managed Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels | Hotel			14
Number of rooms | Room			1,700
Franchised [Member]
Real Estate Properties [Line Items]
Number of hotels | Hotel	545	514	477
Number of rooms | Room	43,900	41,500	38,300

Organization and Basis of Pre46

Organization and Basis of Presentation - Summary of Hotels Owned, Franchised, Managed, and Number of Associated Rooms (Parenthetical) (Detail) $ in Thousands	Dec. 31, 2015Hotel	Feb. 06, 2014Hotel	Dec. 31, 2015USD ($)Hotel	Sep. 30, 2015Hotel	Jun. 30, 2015USD ($)Hotel	Jun. 30, 2013Hotel	Dec. 31, 2013Hotel	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of hotels sold | Hotel		4	11		1		40
Proceeds from sale of hotel | $			$ 34,100		$ 3,000			$ 37,576	$ 7,053	$ 105,837
Loss on sale of hotel | $					$ (4,000)			$ (4,088)
Number of hotels held for sale | Hotel	13		13	24		44

Significant Accounting Polici47

Significant Accounting Policies and Recently Issued Accounting Standards - Additional Information (Detail)	Apr. 14, 2014USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2015USD ($)Hotel	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012
Summary Of Significant Accounting Policies [Line Items]
Management fees				$ 700,000	$ 2,300,000
Federal deposit insurance corporation limit			$ 250,000
Capitalized Indirect Costs			2,700,000	3,000,000	3,000,000
Liability for returns points, customer loyalty program			15,600,000	14,200,000
Liability for returns points, customer loyalty program, current			5,732,000	5,484,000
Noncontrolling interest in joint venture			2,900,000	3,100,000
Total distributions to the non-controlling interest holder			$ 500,000	600,000	400,000
Percentage of dividend paid deduction			90.00%
Number of subsequent taxable years			4 years
Redeemed for cash totaling	$ 3,900,000
Net deferred tax expense	$ 321,100,000	$ 321,100,000		321,054,000
Debt issuance costs			$ 28,700,000
New Accounting Pronouncement, Early Adoption, Effect [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt issuance costs				26,188,000	$ 8,100,000
Deferred Tax Assets, Net				$ 59,746,000
TEXAS
Summary Of Significant Accounting Policies [Line Items]
Margin tax			0.75%
Foreign Tax Authority [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of revenue required to be withheld by franchisees					30.00%	30.00%
Foreign Tax Authority [Member] | Maximum [Member] | Period from January 1, 2014 to April 13, 2014 [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of revenue required to be withheld by franchisees			35.00%
Foreign Tax Authority [Member] | Maximum [Member] | Period from April 14, 2014 To December 31, 2015 [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of revenue required to be withheld by franchisees			33.00%
Foreign Tax Authority [Member] | Minimum [Member] | Period from April 14, 2014 To December 31, 2015 [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of revenue required to be withheld by franchisees			10.00%
Joint Venture [Member]
Summary Of Significant Accounting Policies [Line Items]
Noncontrolling equity interest in joint venture			60.00%
External partners interest in joint venture			40.00%
LOUISIANA
Summary Of Significant Accounting Policies [Line Items]
Number of hotels owned and operated by joint venture | Hotel			1
Pre Opening Inspections [Member]
Summary Of Significant Accounting Policies [Line Items]
Initial franchise fees			$ 2,500
Pre Opening Training Marketing [Member]
Summary Of Significant Accounting Policies [Line Items]
Initial franchise fees			$ 5,000
Franchise Agreements Prior to April 1, 2013 [Member]
Summary Of Significant Accounting Policies [Line Items]
Royalty fee			4.00%
Royalty fee			4.50%
Royalty fee rebate percentage			0.50%
Franchise Agreements on or after April 1, 2013 [Member]
Summary Of Significant Accounting Policies [Line Items]
Royalty fee			4.50%
Royalty fee			5.00%
Royalty fee rebate percentage			0.50%
Franchise Agreements on or after April 1, 2013 [Member] | Non US [Member]
Summary Of Significant Accounting Policies [Line Items]
Royalty fee from new franchisees outside of the US			4.50%

Significant Accounting Polici48

Significant Accounting Policies and Recently Issued Accounting Standards - Property and Equipment Estimated Useful Life (Detail)	12 Months Ended
	Dec. 31, 2015
Buildings and Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Buildings and Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	40 years
Hotel equipment, automobiles, furniture, and fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	2 years
Hotel equipment, automobiles, furniture, and fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	10 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	Shorter of the lease term or the estimated useful life

Significant Accounting Polici49

Significant Accounting Policies and Recently Issued Accounting Standards - Intangible Assets Estimated Useful Life (Detail)	12 Months Ended
	Dec. 31, 2015
Franchise agreements, management contracts and other [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	3 years
Franchise agreements, management contracts and other [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	20 years
Returns membership list [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	3 years
Leasehold interests - hotels, restaurants, office [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	2 years
Leasehold interests - hotels, restaurants, office [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	49 years

Significant Accounting Polici50

Significant Accounting Policies and Recently Issued Accounting Standards - Accrued Liabilities Related to Insurance Programs (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Accrued Liabilities [Line Items]
Insurance liability	$ 31,371	$ 28,660
Automobile and general liability insurance [Member]
Schedule Of Accrued Liabilities [Line Items]
Insurance liability	21,769	22,485
Workers' compensation [Member]
Schedule Of Accrued Liabilities [Line Items]
Insurance liability	8,360	5,516
Health insurance [Member]
Schedule Of Accrued Liabilities [Line Items]
Insurance liability	$ 1,242	$ 659

Significant Accounting Polici51

Significant Accounting Policies and Recently Issued Accounting Standards - Advertising and Promotional Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Component of Other Expense, Nonoperating [Line Items]
Advertising and promotional expenses	$ 68,073	$ 59,569	$ 55,587
Direct lodging expenses [Member]
Component of Other Expense, Nonoperating [Line Items]
Advertising and promotional expenses	5,615	5,802	6,300
Other lodging and operating expenses [Member]
Component of Other Expense, Nonoperating [Line Items]
Advertising and promotional expenses			167
General and administrative expenses [Member]
Component of Other Expense, Nonoperating [Line Items]
Advertising and promotional expenses	1,249	1,572	1,324
Marketing, promotional and other advertising expenses [Member]
Component of Other Expense, Nonoperating [Line Items]
Advertising and promotional expenses	$ 61,209	$ 52,195	$ 47,796

Significant Accounting Polici52

Significant Accounting Policies and Recently Issued Accounting Standards - Percentages of Total Revenues (Detail) - Geographic Concentration Risk [Member] - Sales [Member]	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Concentration Risk [Line Items]
Percentage of revenues	39.00%	39.00%	39.00%
TEXAS
Concentration Risk [Line Items]
Percentage of revenues	22.00%	23.00%	26.00%
FLORIDA
Concentration Risk [Line Items]
Percentage of revenues	17.00%	16.00%	13.00%

Assets Held for Sale and Disc53

Assets Held for Sale and Discontinued Operations - Additional Information (Detail) $ in Thousands	Dec. 31, 2015Hotel	Feb. 06, 2014Hotel	Dec. 31, 2015USD ($)Hotel	Sep. 30, 2015HotelRestaurant	Jun. 30, 2015USD ($)Hotel	Jun. 30, 2013Hotel	Dec. 31, 2013Hotel	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Number of hotels held for sale	13		13	24		44
Number of restaurants parcel held for sale | Restaurant				1
Number of hotels sold		4	11		1		40
Proceeds from sale of assets | $			$ 34,100		$ 3,000			$ 37,576	$ 7,053	$ 105,837

Assets Held for Sale and Disc54

Assets Held for Sale and Discontinued Operations - Major Classes of Assets as Held for Sale (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Current assets	$ 221
Property and equipment, net	34,982
Other non-current assets	320
Total assets held for sale	$ 35,523

Assets Held for Sale and Disc55

Assets Held for Sale and Discontinued Operations - Summary of Results from Discontinued Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Asset Retirement Obligation Disclosure [Abstract]
Hotel revenues	$ 361	$ 41,477
Direct lodging expenses	651	25,780
Other lodging and operating expenses	62	4,317
Operating income	(352)	11,380
Depreciation and amortization		(5,056)
Impairment charge	(151)	(19,533)
Gain on sale from discontinued operations		10,714
Loss on discontinued operations	$ (503)	$ (2,495)

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Millions	Apr. 14, 2014USD ($)
Business Acquisition [Line Items]
Business acquisition ownership interest percentage	100.00%
Business acquisition cash paid	$ 0.8
Previously Managed Hotels [Member]
Business Acquisition [Line Items]
Total purchase price	161.7
Total net consideration paid	150.8
Purchase price owed by the parent company	10.9
Net consideration paid in the form cash	76.9
Net consideration paid in the form equity consideration	73.9
Significant assets acquired consist of property and equipment	166.5
Significant assets acquired consist of intangible assets	1.4
Significant long term liabilities acquired included unfavorable leasehold interests	$ 5.3
Previously Managed Hotels [Member] | LQ Management L.L.C. (LQM) [Member]
Business Acquisition [Line Items]
Business acquisition ownership interest percentage	100.00%
Business acquisition cash paid	$ 0.8

Acquisitions - Schedule of Unau

Acquisitions - Schedule of Unaudited Proforma Results of Operation (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Acquisition Pro Forma Results [Abstract]
Total revenues	$ 988,858	$ 909,433
Net income (loss) attributable to La Quinta Holdings’ stockholders	$ (333,698)	$ 11,131
Basic and diluted earnings (loss) per share	$ (2.65)	$ 0.09

Intangible Assets - Finite Live

Intangible Assets - Finite Lived and Indefinite Lived Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Finite-lived assets:
Accumulated amortization	$ (22,234)	$ (20,923)
Total finite–lived assets	8,661	9,972
Indefinite-lived assets;
Trademarks—La Quinta	169,434	169,434
Total	$ 178,095	$ 179,406
Leasehold interests - hotels, restaurants, office [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted average remaining life	27 years	28 years
Finite-lived assets:
Finite-lived assets, gross	$ 9,680	$ 9,680
Franchise agreements, management contracts and other [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted average remaining life	5 years	6 years
Finite-lived assets:
Finite-lived assets, gross	$ 18,015	$ 18,015
Returns membership list [Member]
Finite-lived assets:
Finite-lived assets, gross	$ 3,200	$ 3,200

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 937	$ 1,075	$ 1,210
Total amortization expense	1,311	1,440	1,530
Depreciation And Amortization Expenses [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	937	1,075	1,210
Direct lodging expenses [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 374	$ 365	$ 320

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expenses of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2,016	$ 1,094
2,017	1,019
2,018	908
2,019	897
2,020	797
Thereafter	3,946
Total finite–lived assets	$ 8,661	$ 9,972

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 937	$ 1,075	$ 1,210
Unfavorable leasehold interests-hotels, restaurants, offices [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1,100	$ 1,000	$ 900

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,908,273	$ 4,039,752
Less accumulated depreciation	(1,288,281)	(1,214,450)
Property and equipment, net	2,619,992	2,825,302
Construction in progress	3,480	946
Total property and equipment, net of accumulated depreciation	2,623,472	2,826,248
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	796,790	836,514
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	2,703,293	2,799,967
Furniture, Fixtures, Equipment and Other [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 408,190	$ 403,271

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property Plant And Equipment [Abstract]
Depreciation and amortization expense	$ 166.4	$ 165.4	$ 160.9

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt, current	$ 17,514	$ 19,001
Term Facility, non-current	1,694,585	1,840,510
Total long term debt	1,712,099	1,859,511
Senior Secured Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term debt, current	17,514	19,001
Term Facility, non-current	$ 1,694,585	$ 1,840,510

Long-Term Debt - Schedule of 65

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) $ in Millions	Jul. 31, 2015	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Unamortized long-term debt reduction		$ 8.2	$ 8.2	$ 8.2
Term Facility [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	1.00%		1.00%
Principal pre-payment on Term Facility				$ 135
Quarterly principal payments		$ 17.7
Debt instrument, basis spread on variable rate	3.00%		2.75%
First lien net leverage ratio		4.50	4.50	4.50
First lien net leverage ratio, description				First lien net leverage ratio of less than 4.50 to 1.00
Unamortized long-term debt reduction		$ 8.2	$ 8.2	$ 8.2	$ 9.6
Accrued interest				$ 16.5	$ 18.6
LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate				0.36%	0.16%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)

Mar. 02, 2015

Apr. 14, 2014USD ($)

Jul. 06, 2012

Jul. 05, 2012

May. 24, 2012USD ($)

Sep. 30, 2014

Dec. 31, 2011USD ($)Hotel

Jun. 30, 2010USD ($)Hotel

Jun. 30, 2009USD ($)Hotel

Feb. 28, 2007

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)HotelLetterOfCredit

Jul. 31, 2015

Dec. 31, 2007USD ($)

Jul. 31, 2007USD ($)

Jul. 06, 2007USD ($)

Feb. 27, 2007USD ($)Hotel

Debt Instrument [Line Items]

Gain (loss) on Extinguishment of Debt

$ (2,000,000)

$ (2,030,000)

Debt issuance costs

28,700,000

Debt issuance cost net

$ 22,400,000

26,200,000

Commitment fee rate

25.00%

Contributions from funds

$ 175,000,000

Cash used to pay debt

101,000,000

Hotels served as collateral for loan | Hotel

314

Percentage of member interest pledged as collateral for loans

100.00%

Wells Fargo Bank Na [Member]

Debt Instrument [Line Items]

Percentage of fee on letter of credit

2.00%

Period One [Member]

Debt Instrument [Line Items]

Quarterly principal payments

12,500,000

Period Two [Member]

Debt Instrument [Line Items]

Quarterly principal payments

$ 15,625,000

Holdco I Mortgage Loan [Member]

Debt Instrument [Line Items]

Debt instrument, floor interest rate

1.00%

Debt face amount

$ 2,350,000,000

$ 2,400,000,000

Debt maturity date

Jul. 6, 2014

Debt principal payment

$ 180,000,000

Weighted average spread interest rate

2.892%

Senior Mezzanine Loan [Member]

Debt Instrument [Line Items]

Debt face amount

$ 50,000,000

Mezzanine Loans [Member]

Debt Instrument [Line Items]

Gain (loss) on Extinguishment of Debt

$ 5,200,000

Debt face amount

$ 700,000,000

Debt maturity date

Jul. 6, 2014

Settlement of unsecured debt

$ 69,800,000

Mezzanine Loans [Member] | Other Income (Loss) [Member]

Debt Instrument [Line Items]

Payment of associated closing costs

7,700,000

Mezzanine Loans [Member] | Gain Loss On Extinguishment Of Debt [Member]

Debt Instrument [Line Items]

Payment of associated closing costs

$ 4,000,000

Holdco I Mezzanine Loans [Member]

Debt Instrument [Line Items]

Debt instrument, floor interest rate

1.00%

Holdco III Mortgage Loan [Member]

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

4.50%

4.00%

3.50%

1.40%

Debt instrument, floor interest rate

1.00%

1.00%

1.00%

Debt face amount

$ 177,900,000

$ 101,300,000

Cash used to pay debt

$ 34,600,000

Debt principal payment

$ 7,800,000

Payment of associated closing costs

$ 1,200,000

Hotels served as collateral for loan | Hotel

25

17

8

Debt, outstanding balance

$ 237,300,000

Deferred financing costs wrote off

500,000

Reduction in principal amount outstanding

$ 11,900,000

Voting Stock [Member]

Debt Instrument [Line Items]

Percentage of capital stock

65.00%

Nonvoting Stock [Member]

Debt Instrument [Line Items]

Percentage of capital stock

100.00%

Maximum [Member] | Holdco I Mortgage Loan [Member]

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

6.803%

Maximum [Member] | Holdco I Mezzanine Loans [Member]

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

13.90%

Weighted average spread interest rate

11.59%

Minimum [Member] | Holdco I Mortgage Loan [Member]

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

0.55%

Minimum [Member] | Holdco I Mezzanine Loans [Member]

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

9.00%

Minimum [Member] | Step-down One [Member]

Debt Instrument [Line Items]

First lien net leverage ratio

1

Minimum [Member] | Step-down Two [Member]

Debt Instrument [Line Items]

First lien net leverage ratio

1

Senior Secured Term Loan Facility [Member]

Debt Instrument [Line Items]

Senior secured credit facility

$ 2,100,000,000

Line of credit facility maturity year

2,021

First lien net leverage ratio

4.50

4.50

First lien net leverage ratio, description

First lien net leverage ratio of less than or equal to 4.50 to 1.00

Debt, interest rate terms

A rate equal to a margin over either (a) a base rate determined by reference to the highest of (1) the JPM prime lending rate, (2) the Federal Funds Effective Rate plus 1/2 of 1.00% and (3) the adjusted LIBOR rate for a one-month interest period plus 1.00% or (b) a LIBOR rate determined by reference to the Reuters LIBOR rate for the interest period relevant to such borrowing.

Federal funds effective rate description

Federal Funds Effective Rate plus 1/2 of 1.00%

Adjusted LIBOR rate

1.00%

Step-down rate

0.25%

0.25%

Ticking fee

$ 1,800,000

Step-down percentage of excess cash flow

50.00%

Net cash proceeds, percentage of prepayments

100.00%

Sale of assets reinvestment period

12 months

Sale of assets commitment period

180 days

Percentage of net proceeds of debt

100.00%

Quarterly installments on term loan percentage

0.25%

Senior Secured Term Loan Facility [Member] | Base Rate [Member]

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.00%

Senior Secured Term Loan Facility [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.00%

Senior Secured Term Loan Facility [Member] | Step-down One [Member]

Debt Instrument [Line Items]

Step-down rate

25.00%

Senior Secured Term Loan Facility [Member] | Step-down Two [Member]

Debt Instrument [Line Items]

Step-down rate

0.00%

Senior Secured Term Loan Facility [Member] | Maximum [Member] | Base Rate [Member]

Debt Instrument [Line Items]

Debt instrument, floor interest rate

2.00%

Senior Secured Term Loan Facility [Member] | Maximum [Member] | Step-down One [Member]

Debt Instrument [Line Items]

First lien net leverage ratio

5.25

Senior Secured Term Loan Facility [Member] | Maximum [Member] | Step-down Two [Member]

Debt Instrument [Line Items]

First lien net leverage ratio

4

Senior Secured Term Loan Facility [Member] | Minimum [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Debt instrument, floor interest rate

1.00%

Senior Secured Revolving Facility [Member]

Debt Instrument [Line Items]

Senior secured credit facility

$ 250,000,000

Line of credit facility maturity year

2,019

First lien net leverage ratio

5

5

First lien net leverage ratio, description

First lien net leverage ratio less than or equal to 5.00 to 1.00

Commitment fee rate

0.375%

0.50%

Step-down commitment fee rate

0.375%

Letter of Credit [Member]

Debt Instrument [Line Items]

Senior secured credit facility

$ 50,000,000

Letters of credit outstanding

$ 20,000,000

Net leverage ratio

800.00%

Letter of Credit [Member] | Wells Fargo Bank Na [Member]

Debt Instrument [Line Items]

Outstanding letters of credit

$ 5,700,000

Number of letters of credit | LetterOfCredit

2

Term Facility and/or Revolving Facility [Member]

Debt Instrument [Line Items]

Additional amount available under the Term Facility and/or the Revolving Facility

$ 350,000,000

First lien net leverage ratio

6

First lien net leverage ratio, description

First lien net leverage ratio of less than or equal to 6.00 to 1.00

Term Facility and/or Revolving Facility [Member] | First Anniversary [Member]

Debt Instrument [Line Items]

First lien net leverage ratio

5.75

First lien net leverage ratio, description

First lien net leverage ratio of less than or equal to 5.75 to 1.00

Revolving Facility [Member]

Debt Instrument [Line Items]

Senior secured credit facility

$ 250,000,000

First lien net leverage ratio

5

First lien net leverage ratio, description

First lien net leverage ratio of less than or equal to 5.00 to 1.00, 4.50 to 1.00 and 4.00 to 1.00

Debt, interest rate terms

A rate equal to a margin over either (a) a base rate determined by reference to the highest of (1) the JPM prime lending rate, (2) the Federal Funds Effective Rate plus 1/2 of 1.00% and (3) the adjusted LIBOR rate for a one-month interest period plus 1.00% or (b) a LIBOR rate determined by reference to the Reuters LIBOR rate for the interest period relevant to such borrowing.

Federal funds effective rate description

Federal Funds Effective Rate plus 1/2 of 1.00%

Adjusted LIBOR rate

1.00%

Step-down rate

0.25%

0.25%

Hotels served as collateral for loan | Hotel

20

Debt maturity date

Jun. 26, 2010

Proceeds from letters of credit

$ 14,600,000

$ 10,600,000

Percentage of fee on letter of credit

2.63%

Step-down margin

2.38%

Revolving Facility [Member] | Base Rate [Member]

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

1.50%

Revolving Facility [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.50%

Revolving Facility [Member] | Step-down One [Member]

Debt Instrument [Line Items]

First lien net leverage ratio

5

5

First lien net leverage ratio, description

First lien net leverage ratio of less than 5.00 to 1.00

Step-down rate

0.25%

Revolving Facility [Member] | Step-down Two [Member]

Debt Instrument [Line Items]

First lien net leverage ratio

4.50

4.50

First lien net leverage ratio, description

First lien net leverage ratio of less than 4.50 to 1.00

Step-down rate

0.25%

Revolving Facility [Member] | Step-down Three [Member]

Debt Instrument [Line Items]

First lien net leverage ratio

4

Long-Term Debt - Summary of Con

Long-Term Debt - Summary of Contractual Maturity Term Facility (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Contractual Obligation Fiscal Year Maturity Schedule [Abstract]
2,016	$ 17,514
2,017	17,514
2,018	17,514
2,019	17,514
2,020	17,514
Thereafter	1,655,093
Long-term debt maturities, Total	$ 1,742,663

Long-Term Debt - Summary of C68

Long-Term Debt - Summary of Contractual Maturity Term Facility (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Contractual Obligation Fiscal Year Maturity Schedule [Abstract]
Debt issuance costs	$ 22.4	$ 26.2
Unamortized portion of debt discount	$ 8.2

Long-Term Debt - Schedule of In

Long-Term Debt - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest Expense [Line Items]
Deferred		$ 18,601	$ 52,877
Amortization of long-term debt reduction		(1,532)	(4,595)
Amortization of deferred financing costs	$ 3,810	6,938	10,155
Amortization of original issue discount	1,400	912
Other interest	10	14	22
Interest income	(110)	(49)	(193)
Total interest expense, net	86,504	120,945	148,615
Term Facility [Member]
Interest Expense [Line Items]
Interest expense	$ 81,394	65,994
Mortgage Loan [Member]
Interest Expense [Line Items]
Interest expense		23,754	69,203
Holdco III Mortgage Loan [Member]
Interest Expense [Line Items]
Interest expense		3,206	12,121
Mezzanine Loans [Member]
Interest Expense [Line Items]
Current		3,107	9,025
Deferred		$ 18,601	$ 52,877

Derivative Instruments and He70

Derivative Instruments and Hedging Activities - Additional Information (Detail) - Term Facility Interest Rate Swap [Member]	Apr. 14, 2014USD ($)
Derivative [Line Items]
Aggregate notional amount	$ 850,000,000
Loan fixed-rate under new credit agreement	2.0311%
LIBOR floor percentage	1.00%
Interest rate swap agreement expiration date	Apr. 14, 2019

Derivative Instruments and He71

Derivative Instruments and Hedging Activities - Effects of Fair Value of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Interest Rate Swap [Member] | Other Non-Current Long-Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	$ (11,440)	$ (4,811)

Derivative Instruments and He72

Derivative Instruments and Hedging Activities - Earnings Effect of Derivative Instruments in Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Classification of Gain (Loss) Recognized	$ (4,309)	$ (3,127)
Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Other Comprehensive Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Classification of Gain (Loss) Recognized	$ (4,309)	$ (3,127)
Non-Designated Hedges [Member] | Interest Rate Caps [Member] | Other Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Classification of Gain (Loss) Recognized			$ (135)

Derivative Instruments and He73

Derivative Instruments and Hedging Activities - Earnings Effect of Derivative Instruments in Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Amounts recognized in earnings related to hedge ineffectiveness	$ 0	$ 0

Accrued Expenses and Other Li74

Accrued Expenses and Other Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued Liabilities Current [Line Items]
Insurance liability	$ 31,371	$ 28,660
Accrued sales and occupancy taxes	9,431	11,981
Accrued liability for guest loyalty program points	5,732	5,484
Accrued interest	16,487	18,551
Other accrued expenses	9,701	12,616
Total accrued expenses and other liabilities	63,120	71,117
Automobile and general liability insurance [Member]
Accrued Liabilities Current [Line Items]
Insurance liability	$ 21,769	$ 22,485

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Cash and cash equivalents, carrying amount	$ 86,709	$ 109,857	$ 33,412	$ 40,813
Interest rate swaps, carrying amount	(11,440)	(4,811)
Long-term debt, carrying amount	1,712,099	1,859,511
Cash and cash equivalents, fair value	86,709	109,857
Interest rate swaps, fair value	(11,440)	(4,811)
Long-term debt, fair value	$ 1,675,760	$ 1,846,181

Fair Value Measurements - Car76

Fair Value Measurements - Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Debt issuance cost net	$ 22.4	$ 26.2

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	Feb. 06, 2014Hotel	Dec. 31, 2015USD ($)Hotel	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)Hotel	Dec. 31, 2013Hotel	Sep. 30, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of hotels not considered for sale | Hotel				24
Impairment charges		$ 5,100	$ 1,600	$ 42,500		$ 5,200	$ 50,121	$ 5,157
Number of hotels sold | Hotel	4	11		1	40
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated selling prices				$ 70,000
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated selling prices				$ 75,000
Long-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate							4.40%	4.40%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets Measured on Non-recurring Basis and Related Impairment Charges (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	$ 37,945				$ 37,945
Impairment charge on assets held for use	5,100	$ 1,600	$ 42,500	$ 5,200	50,121	$ 5,157
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	37,945				37,945
24 Owned Hotels [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	34,498				34,498
Impairment charge on assets held for use					43,382
24 Owned Hotels [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	34,498				34,498
1 Owned Hotel [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	2,422				2,422
Impairment charge on assets held for use					5,103
1 Owned Hotel [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	2,422				2,422
1 Owned Restaurant Parcel [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	1,025				1,025
Impairment charge on assets held for use					1,636
1 Owned Restaurant Parcel [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	$ 1,025				$ 1,025
1 La Quinta Inn [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use						249
Impairment charge on assets held for use						5,157
1 La Quinta Inn [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use						$ 249

Fair Value Measurements - Sch79

Fair Value Measurements - Schedule of Fair Value of Assets Measured on Non-recurring Basis and Related Impairment Charges (Parenthetical) (Detail) - Hotel	Dec. 31, 2015	Feb. 06, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2013	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Number of hotels sold		4	11		1		40
Number of hotels held for sale	13		13	24		44

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 30, 2015	Nov. 30, 2014	Apr. 14, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Aggregate compensation paid					$ 27,255	$ 13,229
Blackstone [Member]
Related Party Transaction [Line Items]
Aggregate compensation paid					3,000
Fee paid to provide financial consulting services	$ 400	$ 500
Senior Secured Term Loan Facility [Member] | Affiliates of Black Stone [Member]
Related Party Transaction [Line Items]
Senior secured credit facility				$ 41,600	43,900
Previously Managed Hotels [Member]
Related Party Transaction [Line Items]
Management fee			1.67%
LQM management agreements expiration date			Jul. 31, 2027
Management fees earned by LQM			$ 200			600
Service reimbursement			200			1,600
Brand marketing fund fee percentage				2.50%
Return fee percentage				5.00%
Revenues related to Managed Hotels			300			900
Royalty fee percentage				0.33%
Royalty fees			$ 100			100
Purchase products and services from affiliates				$ 2,600	$ 2,800	$ 4,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Jul. 07, 2014	Dec. 31, 2015	Dec. 31, 2014
Commitments And Contingencies [Line Items]
Operating Loss Carryforwards		$ 123,800,000	$ 220,900,000
Purchase commitments		26,000,000
Outstanding commitments owed to various franchisees		$ 9,100,000
Internal Revenue Service (IRS) [Member]
Commitments And Contingencies [Line Items]
Notice of taxable adjustment from IRS	$ 158,000,000
Operating Loss Carryforwards	$ 89,000,000
Tax rate impose on REIT, federal and state tax authorities	100.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) shares in Millions	Apr. 14, 2014	Apr. 30, 2015	Nov. 30, 2014	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Composition Of Deferred Tax Assets And Liabilities [Line Items]
Redeemed for cash totaling	$ 3,900,000
Net deferred tax expense	$ 321,100,000			$ 321,100,000		$ 321,054,000
Federal and State income Tax Rate				38.10%
Total Deferred Tax Liabilities				$ 462,300,000	$ 438,957,000	456,480,000
Deferred tax assets				14,000,000	353,588,000	339,750,000
Income tax expense				$ 127,200,000	(22,487,000)	(28,805,000)	$ (3,598,000)
Available federal net operating loss carryforwards					$ 123,800,000	220,900,000
Net operating loss carryforwards expire years					20 years
Operating loss carryforwards expiration year					expire between 2016 and 2033
Minimum tax credit carry forwards					$ 11,500,000	9,600,000
Unrecognized tax benefits					2,990,000
Accrued interest or penalties on unrecognized tax benefits					$ 0	$ 0	$ 0
Blackstone [Member]
Composition Of Deferred Tax Assets And Liabilities [Line Items]
Percentage of common shares outstanding			45.20%		28.30%
Blackstone [Member] | Secondary Offering [Member]
Composition Of Deferred Tax Assets And Liabilities [Line Items]
Initial public offering, issued and sold		23.9	23

Income Taxes - Components of In

Income Taxes - Components of Income Tax Provision (Detail) - USD ($) $ in Thousands	Apr. 14, 2014	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current provision:
Federal			$ 1,933	$ 2,615	$ 874
State			3,442	3,121	2,543
Foreign			78	103	205
Total current			5,453	5,839	3,622
Deferred provision:
Federal			17,765	22,279	(34)
State			(731)	687	77
Total deferred			17,034	22,966	43
Provision for income taxes			22,487	28,805	3,665
Net deferred tax expense	$ 321,100	$ 321,100		321,054
Income tax expense			$ 22,487	$ 349,859	$ 3,665

Income Taxes - Components of 84

Income Taxes - Components of Income Tax Provision (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2013USD ($)
Income Tax Disclosure [Abstract]
State current provision, Discontinued operations	$ 0.1

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2014
Deferred Tax Assets
Net Operating Losses	$ 43,583	$ 77,639
Insurance Accruals	10,641	7,355
Tax Credits	11,550	9,638
Cash Flow Hedge-OCI	4,004	1,684
Intangibles	12,602	11,682
Doubtful Accounts	1,932	1,853
Returns Club	343	5,876
Compensation Accruals	8,054	7,613
Other	1,960	2,337
Total gross deferred tax assets	94,669	125,677
Less: Valuation Allowance	(9,300)	(8,947)
Deferred Tax Assets	85,369	116,730
Deferred Tax Liabilities
Fixed Assets	361,856	382,153
Trademark	61,603	61,218
Cancellation of Debt Income	9,300	12,382
Linens, uniforms and supplies	4,225
Other	1,973	727
Deferred Tax Liabilities	438,957	456,480	$ 462,300
Net Deferred Taxes	$ (353,588)	$ (339,750)	$ (14,000)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Detail) - USD ($) $ in Thousands	Apr. 14, 2014	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax provision			$ 17,219	$ 5,934	$ 3,015
State tax, net of federal benefit			2,221	4,957	2,553
Foreign tax, net of federal benefit			50	67	205
Nondeductible stock compensation			1,948	16,155
Nondeductible book loss from January 1, 2014 through April 13, 2014				4,480
Income not subject to tax at the La Quinta Predecessor Entities level					(2,923)
Change in valuation allowance			353	(767)	609
Return to provision			(688)	(329)
Changes in deferred taxes			541	(1,904)
Other			843	212	139
Provision for income taxes		$ (127,200)	22,487	28,805	3,598
Net deferred tax expense	$ 321,100	$ 321,100		321,054
Income tax expense			$ 22,487	$ 349,859	$ 3,598

Income Taxes - Reconciliation87

Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Parenthetical) (Detail) - USD ($) $ in Thousands	Apr. 14, 2014	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2015
Income Tax [Line Items]
Recognition of net deferred tax liabilities upon C-corporation conversion	$ 321,100	$ 321,100	$ 321,054
Total Deferred Tax Liabilities		462,300	456,480	$ 438,957
Deferred tax assets		$ 14,000	339,750	$ 353,588
One Time Expense [Member]
Income Tax [Line Items]
Recognition of net deferred tax liabilities upon C-corporation conversion			321,100
Total Deferred Tax Liabilities			462,300
Deferred tax assets			14,000
Tax benefit			$ 127,200

Income Taxes - Reconciliation88

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Income Tax Disclosure [Abstract]
Gross increase in unrecognized tax positions in the current year	$ 2,990
Unrecognized tax benefits, end of the year	$ 2,990

Third Party Lease Commitments -

Third Party Lease Commitments - Future Minimum Rental Income to be Received (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
2,016	$ 4,364
2,017	4,119
2,018	3,731
2,019	3,470
2,020	3,241
Thereafter	6,072
Operating Leases, Future Minimum Payments Receivable, Total	$ 24,997

Third Party Lease Commitments90

Third Party Lease Commitments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments And Contingencies Disclosure [Abstract]
Rent revenue	$ 3.8	$ 4.2	$ 3.8
Contingent rent revenue	0.4	0.4	0.3
Rent expense	6.1	5.2	3.7
Contingent rent expense	$ 0.7	$ 0.5	$ 0.1

Third Party Lease Commitments91

Third Party Lease Commitments - Operating Ground Lease Commitments (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
2,016	$ 5,014
2,017	4,636
2,018	4,446
2,019	4,431
2,020	4,390
Thereafter	108,627
Operating Leases, Future Minimum Payments Due, Total	$ 131,544

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 2,300,000	$ 2,000,000	$ 1,900,000
Recognized expense related to plan	$ 18,814,000	$ 58,007,000
2015 Employee Stock purchase Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of discount rate to purchase of company's stock	5.00%
Recognized expense related to plan	$ 0
Share reserved for purchase	2,600,000
Shares issued which is included in shares outstanding	5,233
Employee Earnings First 3% [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of employer matching contribution	100.00%
Percentage of employee's eligible earnings	3.00%
Employee Earnings Next 2% [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of employer matching contribution	50.00%
Percentage of employee's eligible earnings	2.00%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($)	Jun. 11, 2014	Dec. 31, 2015	Dec. 31, 2014	Feb. 19, 2015	Nov. 30, 2014	Nov. 25, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense		$ 18,814,000	$ 58,007,000
Common Stock, shares issued		130,974,073	130,778,365
Cash severance payment		$ 11,021,000
Former President and Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash severance payment		$ 7,600,000
Blackstone [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common shares outstanding		28.30%			45.20%
Performance Unit Grant II [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value		$ 25.35
Promote Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense accrued or recognized for Units granted		$ 0
Issuance of vested and unvested restricted shares		3,100,000
Initial public offering price		$ 17
Total compensation expense		$ 5,600,000	$ 46,200,000
Forfeited shares for stock based compensation		9,658
Promote Plan [Member] | Restricted Stock [Member] | Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common shares vested		40.00%
Promote Plan [Member] | Restricted Stock [Member] | Blackstone [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common shares outstanding						50.00%
Promote Plan [Member] | Restricted Stock [Member] | Blackstone [Member] | Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common shares vested		20.00%
Promote Plan [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common shares outstanding		50.00%
Promote Plan [Member] | Common Stock [Member] | Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common shares vested		40.00%
2014 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of vested and unvested restricted shares		350,000
Initial public offering price		$ 16.65
Total compensation expense		$ 16,000,000	$ 11,700,000
Forfeited shares for stock based compensation		52,926
Grant-date fair value		$ 19.80
Unrecognized compensation expense		$ 15,000,000
Share reserved for purchase		11,800,000
2014 Omnibus Incentive Plan [Member] | Former President and Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested		300,000
Non-cash severance charge		$ 3,000,000
2014 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common shares vested		40.00%
2014 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | Blackstone [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common shares outstanding						50.00%
2014 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | Blackstone [Member] | Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common shares vested		10.00%
2014 Omnibus Incentive Plan [Member] | Omnibus Incentive Plan Grant II [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, shares issued	1,010,000
Grant price	$ 18.70
Performance unit grant, remaining life		10 months 24 days
2014 Omnibus Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance unit grant, remaining life		1 year 3 months 18 days
Shares granted during the period		44,197	44,197
Shares granted vesting description		The Director Unit Grants vests in three equal installments on the first, second and third anniversaries of the grant dates
Grant-date fair value		$ 21.32
2014 Omnibus Incentive Plan [Member] | Performance-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, shares issued	500,000
Performance unit grant, remaining life		1 year
Restricted stock units issued	109
Description of value of units granted under the plan		The calculation of the value of the units granted under the 2014 Performance Unit Grant is weighted as follows: 70% based on our total shareholder return (“TSR”) relative to the total shareholder returns of a defined set of peer companies (“Relative Shareholder Return”); and 30% based on our absolute TSR compound annual growth rate (“TSR CAGR”).
2014 Omnibus Incentive Plan [Member] | Performance-based RSUs [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range		33.00%
2014 Omnibus Incentive Plan [Member] | Performance-based RSUs [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range		167.00%
2014 Omnibus Incentive Plan [Member] | 2015 Grant I [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, shares issued		200,000
Performance unit grant, remaining life		1 year 4 months 24 days
Grant date weighted average price of awards		$ 21.81
2014 Omnibus Incentive Plan [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common shares outstanding		50.00%
2014 Omnibus Incentive Plan [Member] | Common Stock [Member] | Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common shares vested		50.00%
Common stock vested, date		Apr. 14, 2015
2014 Omnibus Incentive Plan Performance UG II [Member] | Performance-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, shares issued				300,000
Performance unit grant, remaining life		2 years
Description of value of units granted under the plan		The calculation of the value of the units granted under the 2015 Performance Unit Grant is based solely on our TSR relative to the Relative Shareholder Return.
2014 Omnibus Incentive Plan Performance UG II [Member] | Performance-based RSUs [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range		33.00%
2014 Omnibus Incentive Plan Performance UG II [Member] | Performance-based RSUs [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range		200.00%

Equity-Based Compensation - Ass

Equity-Based Compensation - Assumptions Used in Determining Fair Value of Performance Unit Grant (Detail)	12 Months Ended
	Dec. 31, 2015
Performance Unit Grant [Member]
Schedule Of Share Based Compensation Valuation Assumptions [Line Items]
Expected volatility	24.05%
Risk-free rate	0.70%
Expected term (in years)	2 years 7 months 6 days
Performance Unit Grant II [Member]
Schedule Of Share Based Compensation Valuation Assumptions [Line Items]
Expected volatility	31.66%
Risk-free rate	1.00%
Expected term (in years)	2 years 10 months 13 days

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerators and Denominators Used for Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Income (loss) from continuing operations attributable to La Quinta Holdings’ stockholders									$ 26,365	$ (336,794)	$ 6,471
Income (loss) from discontinued operations attributable to La Quinta Holdings’ stockholders										(503)	(2,495)
Net Income (Loss) attributable to La Quinta Holdings’ stockholders	$ 7,828	$ 17,058	$ (4,663)	$ 6,142	$ (4,193)	$ 12,817	$ (338,578)	$ (7,343)	$ 26,365	$ (337,297)	$ 3,976
Denominator:
Weighted average number of shares outstanding, basic									128,272	126,156	121,996
Weighted average number of shares outstanding, diluted									129,172	126,156	121,996
Income (loss) from continuing operations attributable to La Quinta Holdings’ stockholders per common share, basic and diluted									$ 0.21	$ (2.67)	$ 0.05
Income (loss) from discontinued operations attributable to La Quinta Holdings’ stockholders per common share, basic and diluted											(0.02)
Basic earnings (loss) per share	$ 0.06	$ 0.13	$ (0.04)	$ 0.05					0.21	(2.67)	0.03
Diluted earnings (loss) per share	$ 0.06	$ 0.13	$ (0.04)	$ 0.05					$ 0.20	$ (2.67)	$ 0.03

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2015
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted shares		800,000	0
Common stock repurchase, authorized amount				$ 100,000,000
Common stock repurchased during period, shares	6,300,000
Weighted average repurchase price	$ 15.89
Aggregate stock repurchase price	$ 100,100,000
Percentage of repurchase of common stock	5.00%

Segments - Summarized Consolida

Segments - Summarized Consolidated Financial Information by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Revenues	$ 228,877	$ 279,103	$ 273,888	$ 248,106	$ 228,222	$ 271,118	$ 260,289	$ 217,309	$ 1,029,974	$ 976,938	$ 873,893
Adjusted EBITDA									394,042	369,889	326,807
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues									1,026,101	964,063	834,440
Adjusted EBITDA									428,888	406,069	367,351
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenues									126,469	116,805	97,177
Adjusted EBITDA									(34,846)	(36,180)	(40,544)
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Revenues									(145,800)	(125,411)	(76,789)
Owned Hotels [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues									911,491	870,061	778,898
Adjusted EBITDA									314,278	312,067	311,809
Franchise and Management [Member]
Segment Reporting Information [Line Items]
Revenues									23,204	21,481	19,065
Franchise and Management [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues									114,610	94,002	55,542
Adjusted EBITDA									$ 114,610	$ 94,002	$ 55,542

Segments - Summarized Consoli98

Segments - Summarized Consolidated Financial Information by Segment (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Revenue from owned hotels	$ 75.1	$ 68.4	$ 53.7
Reservation fee percentage	2.00%
Fee charged to owned hotels	$ 145.8	$ 125.4	$ 76.8
Owned Hotels [Member]
Segment Reporting Information [Line Items]
Franchise fee percentage	4.50%
Management fee percentage	2.50%
Owned Hotels [Member] | Prior to IPO [Member]
Segment Reporting Information [Line Items]
Franchise and management fee percentage prior to IPO		2.00%
Management fee prior to IPO		1.67%
Owned Hotels [Member] | Historical Aggregate Fees [Member]
Segment Reporting Information [Line Items]
Franchise and management fee percentage prior to IPO		2.00%
Trademark Rights [Member] | Owned Hotels [Member] | Prior to IPO [Member]
Segment Reporting Information [Line Items]
License fee percentage		0.33%

Segments - Reconciliation of Ad

Segments - Reconciliation of Adjusted EBITDA to EBITDA and EBITDA to Net Income (Loss) Attributable to Company (Detail) - USD ($) $ in Thousands	Apr. 14, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting [Abstract]
Adjusted EBITDA										$ 394,042	$ 369,889	$ 326,807
Fixed asset impairment loss										(50,121)	(5,308)	(19,533)
Income (loss) from discontinued operations											(377)	8,636
Gain on sale from discontinued operations												10,714
Loss on sale of hotel				$ (4,000)						(4,088)
Loss on retirement of assets										(445)	(177)	(359)
Gain (loss) related to casualty disasters										(1,824)	6,772	1,825
Loss on extinguishment of debt, net										(2,000)	(2,030)
Equity Based Compensation										(18,814)	(58,007)
Severance Charges										(11,021)
Other gains (losses), net										4,347	821	(2,697)
EBITDA										312,076	311,583	325,393
Interest expense										(86,614)	(120,994)	(148,806)
Income tax expense										(22,487)	(28,805)	(3,665)
Recognition of net deferred tax liabilities upon C-corporation conversion	$ (321,100)							$ (321,100)			(321,054)
Depreciation and amortization										(176,263)	(174,137)	(170,401)
Non-controlling interests										(347)	(3,890)	1,455
Net Income (Loss) attributable to La Quinta Holdings’ stockholders		$ 7,828	$ 17,058	$ (4,663)	$ 6,142	$ (4,193)	$ 12,817	$ (338,578)	$ (7,343)	$ 26,365	$ (337,297)	$ 3,976

Segments - Reconciliation of As

Segments - Reconciliation of Assets for Reportable Segments to Consolidated Amounts (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,985,844	$ 3,179,773	$ 3,161,711
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,874,678	3,065,508	3,109,950
Operating Segments [Member] | Owned Hotels [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,682,394	2,874,098	2,917,759
Operating Segments [Member] | Franchise and Management [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	192,284	191,410	192,191
Corporate and Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 111,166	$ 114,265	$ 51,761

Segments - Reconciliation of101

Segments - Reconciliation of Assets for Reportable Segments to Consolidated Amounts (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Asset Reconciling Item [Line Items]
Debt issuance costs	$ 28,700
New Accounting Pronouncement, Early Adoption, Effect [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Debt issuance costs		$ 26,188	$ 8,100
Deferred Tax Assets, Net		$ 59,746

Segments - Reconciliation of Ca

Segments - Reconciliation of Capital Expenditures for Reportable Segments to Consolidated Amounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 100,776	$ 78,630	$ 115,529
Operating Segments [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	82,139	65,150	97,336
Operating Segments [Member] | Owned Hotels [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	82,139	65,150	97,336
Corporate and Other [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 18,637	$ 13,480	$ 18,193

Selected Quarterly Financial103

Selected Quarterly Financial Information (unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total Revenues	$ 228,877	$ 279,103	$ 273,888	$ 248,106	$ 228,222	$ 271,118	$ 260,289	$ 217,309	$ 1,029,974	$ 976,938	$ 873,893
Operating income	27,241	52,740	15,177	32,913	22,156	54,319	25,452	34,742	128,071	136,669	156,181
NET INCOME (LOSS)	7,882	17,083	(4,567)	6,314	(4,117)	12,867	(338,635)	(3,522)	26,712	(333,407)	2,521
Net income (loss) attributable to La Quinta Holdings’ stockholders	$ 7,828	$ 17,058	$ (4,663)	$ 6,142	$ (4,193)	$ 12,817	$ (338,578)	$ (7,343)	$ 26,365	$ (337,297)	$ 3,976
Basic earnings (loss) per share	$ 0.06	$ 0.13	$ (0.04)	$ 0.05					$ 0.21	$ (2.67)	$ 0.03
Diluted earnings (loss) per share	$ 0.06	$ 0.13	$ (0.04)	$ 0.05					$ 0.20	(2.67)	$ 0.03
Basic and diluted earnings (loss) per share					$ (0.03)	$ 0.10	$ (2.67)	$ (0.06)		$ (2.67)