La Quinta 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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 Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		117,483,251

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 161,495	$ 160,596
Accounts receivable, net of allowance for doubtful accounts of $4,038 and $4,022	42,723	45,337
Assets held for sale	9,048	29,544
Other current assets	13,126	9,943
Total Current Assets	226,392	245,420
Property and equipment, net of accumulated depreciation	2,471,413	2,456,780
Intangible assets, net of accumulated amortization	176,747	177,002
Other non-current assets	13,702	13,321
Total Non-Current Assets	2,661,862	2,647,103
Total Assets	2,888,254	2,892,523
Current Liabilities:
Current portion of long-term debt	17,514	17,514
Accounts payable	38,114	38,130
Accrued expenses and other liabilities	68,061	64,581
Accrued payroll and employee benefits	32,905	38,467
Accrued real estate taxes	12,977	21,400
Total Current Liabilities	169,571	180,092
Long-term debt	1,679,423	1,682,436
Other long-term liabilities	27,525	29,130
Deferred tax liabilities	346,636	343,028
Total Liabilities	2,223,155	2,234,686
Commitments and Contingencies
Equity:
Preferred Stock, $0.01 par value; 100,000,000 shares authorized and none outstanding as of March 31, 2017 and December 31, 2016	0	0
Common Stock, $0.01 par value; 2,000,000,000 shares authorized at March 31, 2017 and December 31, 2016, 132,450,118 shares issued and 117,488,784 shares outstanding as of March 31, 2017 and 131,750,715 shares issued and 116,790,470 shares outstanding as of December 31, 2016	1,325	1,318
Additional paid-in-capital	1,169,583	1,165,651
Accumulated deficit	(294,417)	(296,006)
Treasury stock at cost, 14,961,334 shares at March 31, 2017 and 14,960,245 shares at December 31, 2016	(209,539)	(209,523)
Accumulated other comprehensive loss	(4,594)	(6,372)
Noncontrolling interests	2,741	2,769
Total Equity	665,099	657,837
Total Liabilities and Equity	$ 2,888,254	$ 2,892,523

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4,038	$ 4,022
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	132,450,118	131,750,715
Common Stock, shares outstanding	117,488,784	116,790,470
Treasury stock, shares	14,961,334	14,960,245

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES:
Room revenues	$ 199,744	$ 209,473
Franchise and other fee-based revenues	23,978	22,192
Other hotel revenues	4,796	4,831
Revenue from leased and owned hotels	228,518	236,496
Brand marketing fund revenues from franchise properties	5,754	5,275
Total Revenues	234,272	241,771
OPERATING EXPENSES:
Direct lodging expenses	100,334	98,912
Depreciation and amortization	36,040	38,297
General and administrative expenses	35,438	25,998
Other lodging and operating expenses	14,060	15,682
Marketing, promotional and other advertising expenses	18,536	19,784
Impairment loss		83,343
Loss on sales	138	0
Operating expenses	204,546	282,016
Brand marketing fund expenses from franchise properties	5,754	5,275
Total Operating Expenses	210,300	287,291
Operating Income (Loss)	23,972	(45,520)
OTHER INCOME (EXPENSES):
Interest expense, net	(19,980)	(20,306)
Other (expense) income	(24)	983
Total Other (Expenses) Income, net	(20,004)	(19,323)
Income (Loss) Before Income Taxes	3,968	(64,843)
Income tax (expense) benefit	(2,290)	26,119
NET INCOME (LOSS)	1,678	(38,724)
Less: net income attributable to noncontrolling interest	(89)	(51)
Net Income (Loss) attributable to La Quinta Holdings’ stockholders	$ 1,589	$ (38,775)
Earnings (loss) per share:
Basic and diluted	$ 0.01	$ (0.31)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 1,678	$ (38,724)
Cash flow hedge adjustment, net of tax	1,778	(4,924)
COMPREHENSIVE NET INCOME (LOSS)	3,456	(43,648)
Comprehensive net income attributable to noncontrolling interests	(89)	(51)
Comprehensive net income (loss) attributable to La Quinta Holdings’ Stockholders	$ 3,367	$ (43,699)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity (Unaudited) - 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]
Beginning Balance at Dec. 31, 2015	$ 746,512	$ 1,310	$ (107,699)	$ 1,152,155	$ (294,718)	$ (7,436)	$ 2,900
Beginning Balance, shares at Dec. 31, 2015		124,302,318
Net (loss) income	(38,724)				(38,775)		51
Distributions	(115)						(115)
Equity based compensation	2,486	$ 6		2,480
Equity based compensation, shares		608,893
Repurchase of common stock	(24,762)		(24,762)
Repurchase of common stock, shares		(2,031,743)
Cash deficit related to equity comp (APIC Pool)	(13)			(13)
Cash flow hedge adjustment, net of tax	(4,924)					(4,924)
Ending Balance at Mar. 31, 2016	680,460	$ 1,316	(132,461)	1,154,622	(333,493)	(12,360)	2,836
Ending Balance, shares at Mar. 31, 2016		122,879,468
Beginning Balance at Dec. 31, 2016	$ 657,837	$ 1,318	(209,523)	1,165,651	(296,006)	(6,372)	2,769
Beginning Balance, shares at Dec. 31, 2016	116,790,470	116,790,470
Net (loss) income	$ 1,678				1,589		89
Distributions	(117)						(117)
Equity based compensation	3,939	$ 7		3,932
Equity based compensation, shares		705,408
Repurchase of common stock	(16)		(16)
Repurchase of common stock, shares		(7,095)
Cash flow hedge adjustment, net of tax	1,778					1,778
Ending Balance at Mar. 31, 2017	$ 665,099	$ 1,325	$ (209,539)	$ 1,169,583	$ (294,417)	$ (4,594)	$ 2,741
Ending Balance, shares at Mar. 31, 2017	117,488,784	117,488,783

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
NET INCOME (LOSS)	$ 1,678	$ (38,724)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	36,004	38,269
Amortization of other non-current assets	76	112
Amortization of intangible assets	167	193
Gain related to casualty disasters	(1,928)	(669)
Amortization of leasehold interests	(131)	(165)
Amortization of deferred costs	1,471	1,413
Impairment loss	0	83,343
Loss on sale or retirement of assets	138	0
Equity based compensation	3,939	2,486
Deferred taxes	2,651	(28,106)
Provision for doubtful accounts	603	199
Changes in assets and liabilities:
Accounts receivable	214	(2,850)
Other current assets	(3,183)	(8,690)
Other non-current assets	(562)	(70)
Accounts payable	(6,925)	1,012
Accrued payroll and employee benefits	(5,562)	745
Accrued real estate taxes	(8,423)	(8,253)
Accrued expenses and other liabilities	3,445	2,394
Other long-term liabilities	1,349	503
Net cash provided by operating activities	25,021	43,142
Cash flows from investing activities:
Capital expenditures	(46,178)	(25,002)
Insurance proceeds on casualty disasters	4,557	1,053
Proceeds from sale of assets	22,011	0
Payment of franchise incentives	0	(38)
Decrease in other non-current assets	0	(20)
Net cash used in investing activities	(19,610)	(24,007)
Cash flows from financing activities:
Repayment of long-term debt	(4,379)	(4,379)
Purchase of treasury stock	(16)	(18,012)
Distributions to noncontrolling interests	(117)	(115)
Net cash used in financing activities	(4,512)	(22,506)
Increase (decrease) in cash and cash equivalents	899	(3,371)
Cash and cash equivalents at the beginning of the period	160,596	86,709
Cash and cash equivalents at the end of the period	161,495	83,338
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid during the period	19,713	18,490
Income taxes paid during the period, net of refunds	261	245
SUPPLEMENTAL NON-CASH DISCLOSURE:
Capital expenditures included in accounts payable	11,758	5,033
Cash flow hedge adjustment, net of tax	1,778	(4,924)
Receivable for capital assets damaged by casualty disasters	$ 2,725	$ 98

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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 its common stock. Holdings was incorporated in the state of Delaware on December 9, 2013. Holdings may also be referred to herein as “La Quinta”, “we”, “us”, “our”, or the “Company”. 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 hotels under the La Quinta brand, with franchised hotels currently operating in the United States (“U.S.”), Canada, Mexico, Honduras and Colombia. All new franchised hotels are La Quinta Inn & Suites in the U.S. and Canada and LQ Hotel in Mexico and in Central and South America. Additionally, until the completion of our IPO, we managed hotels under the La Quinta brand in the U.S. As of March 31, 2017 and 2016, total owned and franchised hotels, and the approximate number of associated rooms were as follows: March 31, 2017 March 31, 2016 # of hotels # of rooms # of hotels # of rooms Owned (1) 318 40,700 340 43,400 Joint Venture 1 200 1 200 Franchised 570 46,500 545 44,100 Totals 889 87,400 886 87,700 (1) On January 18, 2017, we announced that we are pursuing the possibility of separating our real estate business from our franchise and management businesses, which could prove to be the most logical next step as we continue to execute on our key strategic initiatives and create value for our stockholders. This separation of our businesses could enable greater strategic clarity and allow us to take advantage of growth opportunities that naturally flow from each business model. This could also enable stockholders to own and value each business independently, allowing each company to attract the investor base most appropriate for its distinct investment profile. There is no assurance that the separation of our businesses will occur. Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. Although we believe the disclosures made are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with Holdings’ consolidated financial statements and notes thereto for the years ended December 31, 2016, 2015 and 2014, which are included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 28, 2017. All intercompany transactions have been eliminated. In our opinion, the accompanying condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. 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. Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations.

Significant Accounting Policies

Significant Accounting Policies and Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2017
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 condensed 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, transfer 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 or if the agreement is terminated 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. For U.S. franchise agreements entered into on or after April 1, 2013, the Company collects a monthly royalty fee equal to 4.5% of gross room revenues until the franchisee has operated as a La Quinta for twenty-four consecutive months. . In these cases, the franchisee has the opportunity to earn the additional 0.5% back via rebate by achieving certain defined customer satisfaction results. Royalty fees are recognized on a gross basis in the accompanying condensed consolidated statements of operations. Any rebates of royalty fees are recognized as a reduction of revenue. Pursuant to the franchise agreements with the owned hotels and franchise agreements entered into with franchisees outside of the U.S. on or after April 1, 2013, the Company generally collects a monthly royalty fee equal to 4.5% of gross room revenues throughout the term and does 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. 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 properties represent fees collected from third party franchise 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 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 hotels are presented as brand marketing fund expenses from franchised hotels in our condensed consolidated statements of operations, resulting in no net impact to operating income (loss) or net income (loss). 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. 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, and management is actively seeking a buyer; • The asset is being actively marketed, at a price reasonable in relation to the current value; and • 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 are less than 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. 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 condensed 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 condensed 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 condensed 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. 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. The requisite service period is the period during which an employee is required to provide service for an award to vest. We recognize forfeitures as they occur. 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 —We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. For financial reporting purposes, income tax expense or benefit is based on reported financial accounting income and income taxes related to our taxable subsidiaries. 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. Newly Issued Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which provides guidance for evaluating whether certain transactions are to be accounted for as an acquisition (or disposal) of either a business or an asset. This standard is applied on a prospective basis. Early adoption is permitted for transactions occurring subsequent to the issuance of ASU 2017-01 and not reported in the financial statements. The guidance is effective for the interim and annual periods beginning after December 15, 2018, on a prospective basis, and earlier adoption is permitted for transactions occurring subsequent to the issuance of ASU 2017-01 and not reported in the financial statements. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations and related disclosures. Historically credit losses have not been material to the Company. We do not expect the implementation of this to have a material impact on our financial position and results of operations. In February 2016, the FASB issued ASU 2016-02, Leases In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new guidance on revenue from contracts with customers will supersede most current revenue recognition guidance, including industry-specific guidance. 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 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 Company has formed a project team to evaluate and implement the standard and currently believes the most significant areas of impact of this ASU will be i) the deferral of initial fees paid by franchisees over their contract life; and ii) the deferral of costs to acquire a customer. We are continuing our assessment, which may identify other impacts of the adoption of ASU 2014-09. 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 permits the use of either a retrospective or cumulative effect transition method. The Company currently anticipates utilizing the full retrospective method of adoption allowed by the standard, in order to provide for comparative results in all periods presented, and plans to adopt the standard as of January 1, 2018. Newly Adopted Accounting Standards In January 2017, the FASB ASU In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The new guidance requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted but should be in the first interim period. The new guidance should also be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We adopted this standard on January 1, 2017 and it did not have a material effect on our financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments: A Consensus of the FASB Emerging Issues Task Force. The amendments provide guidance on eight specific cash flow classification issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate and bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. We adopted this standard on January 1, 2017 on a retrospective basis. For the three months ended March 31, 2016, we reclassified $0.4 million from insurance proceeds on casualty disasters in cash flows from investing activities to the change in accounts receivable in cash flows from operating activities on the consolidated statement of cash flows. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects related to the accounting for share-based payment transactions. Per ASU 2016-09: (1) all excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit in the income statement, rather than in additional paid-in capital under current guidance; (2) excess tax benefits should be classified along with other income tax cash flows as an operating activity on the statement of cash flows, rather than as a separate cash inflow from financing activities and cash outflow from operating activities under current guidance; (3) cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity; and (4) an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest, as under current guidance, or account for forfeitures when they occur. ASU 2016-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. We adopted this standard on January 1, 2017 and it did not have a material effect on our financial statements. 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	3 Months Ended
	Mar. 31, 2017
Discontinued Operations And Disposal Groups [Abstract]
Assets Held for Sale	NOTE 3. ASSETS HELD FOR SALE As of December 31, 2016, five hotels and a 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 first quarter of 2017, three of these hotels were sold for $22.0 million, net of transaction costs. The remaining two hotels are expected to sell in 2017. Additionally, during the first quarter of 2017, one hotel in Waco, Texas met the criteria to be classified as an asset held for sale. As of March 31, 2017 and December 31, 2016, the carrying amounts of the major classes of assets held for sale were as follows: March 31, 2017 December 31, 2016 (in thousands) Current assets $ 25 $ 64 Property and equipment, net of accumulated depreciation 8,929 29,383 Other non-current assets 94 97 Total assets held for sale $ 9,048 $ 29,544

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Property and Equipment	NOTE 4. PROPERTY AND EQUIPMENT The following is a summary of property and equipment as of March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 (in thousands) Land $ 740,690 $ 740,996 Buildings and improvements 2,640,515 2,621,924 Furniture, fixtures, equipment and other 442,886 429,307 Total property and equipment 3,824,091 3,792,227 Less accumulated depreciation (1,428,182 ) (1,397,514 ) Property and equipment, net 2,395,909 2,394,713 Construction in progress 75,504 62,067 Total property and equipment, net of accumulated depreciation $ 2,471,413 $ 2,456,780 Depreciation and amortization expense related to property and equipment was $36.0 million and $38.3 million for the three months ended March 31, 2017 and 2016, respectively. Construction in progress includes capitalized costs for ongoing projects that have not yet been put into service.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 5. LONG-TERM DEBT Long-term debt as of March 31, 2017 and December 31, 2016 was as follows: March 31, 2017 December 31, 2016 (in thousands) Current portion of long-term debt $ 17,514 $ 17,514 Long-term debt 1,679,423 1,682,436 Total long-term debt (1) $ 1,696,937 $ 1,699,950 (1) As of March 31, 2017 and December 31, 2016, the 30 day United States dollar London Interbank Offering Rate (“LIBOR”) was 0.93% and 0.72%, respectively. As of March 31, 2017, the interest rate, maturity date and principal payments on the Term Facility (as defined below) were as follows: • During the three months ended March 31, 2017, we made a quarterly scheduled principal payment of $4.4 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 decreased to LIBOR with a floor of 1.0% plus a spread of 2.75% for the period from August 1, 2015 to March 31, 2017. Included in the Term Facility as of March 31, 2017 and December 31, 2016 is an unamortized original issue discount of $6.4 million and $6.7 million, respectively. Included in the Term Facility, as of March 31, 2017 and December 31, 2016, is the deduction of debt issuance costs of $17.5 million and $18.5 million, respectively. As of March 31, 2017 and December 31, 2016, we had $15.2 million and $16.2 million, respectively, in accrued interest included within accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. 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. 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. 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 voluntary prepayments on the Term Facility, with the remaining amount payable on the applicable maturity date with respect to the Term Facility. The Senior Facilities contain certain representations and warranties, affirmative and negative 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 March 31, 2017, we were in compliance with all applicable covenants under the Senior Facilities. Letters of Credit As of March 31, 2017 and December 31, 2016, we had $14.1 million and $14.6 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%, resulting in a reduction of the per annum fee to 2.38%. 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, for a margin of 2.13%. Interest Expense, Net Net interest expense, including the impact of our interest rate swap (see Note 6), consisted of the following for the three months ended March 31, 2017 and 2016: For the three months ended March 31, Description 2017 2016 Term Facility $ 18,739 $ 19,031 Amortization of deferred financing costs 999 970 Amortization of original issue discount 367 356 Other interest 3 7 Interest income (128 ) (58 ) Total interest expense, net $ 19,980 $ 20,306

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	NOTE 6. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES During the three months ended March 31, 2017 and 2016, 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 1.00% LIBOR floor. Management has elected to designate this interest rate swap as a cash flow hedge for accounting purposes. Fair Value of Derivative Instruments The effects of our derivative instruments on our condensed consolidated balance sheets were as follows: March 31, 2017 December 31, 2016 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value (in thousands) Cash Flow Hedges: Interest rate swap Other long- term liabilities $ 7,068 Other long- term liabilities $ 9,803 Earnings Effect of Derivative Instruments The effects of our derivative instruments on our condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (loss), net of the effect for income taxes, were as follows: Classification of Gain For the three months ended March 31, (Loss) Recognized 2017 2016 Cash Flow Hedges: Interest rate swap (1) Other income (loss) $ 1,778 $ (4,924 ) (1) There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing during the three months ended March 31, 2017 and 2016, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 7. FAIR VALUE MEASUREMENTS The carrying amount and estimated fair values of our financial assets and liabilities, which include related current portions, were as follows: March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Cash and cash equivalents (1) $ 161,495 $ 161,495 $ 160,596 $ 160,596 Interest rate swaps (2) 7,068 7,068 9,803 9,803 Long-term debt (3)(4) 1,696,937 1,722,616 1,699,950 1,716,815 (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) We believe the carrying amounts of our cash and cash equivalents approximated fair value as of March 31, 2017 and December 31, 2016, 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. 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 rates to be approximately 3.6% and 3.7%, as of March 31, 2017 and December 31, 2016, respectively. Fluctuations in these assumptions will result in different estimates of fair value. We test long-lived assets for impairment if events or changes in circumstances indicate that the asset might be impaired. The following fair value hierarchy table presents information about assets measured at fair value on a nonrecurring basis and related impairment charges during the periods ended March 31, 2017 and 2016: March 31, 2017 Level 1 Level 2 Level 3 Total Fair Value Impairment Charge (in thousands) Owned hotels identified for possible sale $ — $ — $ 227,816 $ 227,816 $ — Assets held for sale (1) — — 9,048 9,048 — $ — $ — $ 236,864 $ 236,864 $ — (1) March 31, 2016 Level 1 Level 2 Level 3 Total Fair Value Impairment Charge (in thousands) Owned hotels identified for possible sale $ — $ — $ 251,163 $ 251,163 $ 80,383 Assets held for sale (1) — — 43,477 43,477 2,960 $ — $ — $ 294,640 $ 294,640 $ 83,343 (1) Assets held for sale include 13 hotels and a restaurant parcel designated as held for sale in the third quarter of 2015, in addition to the one owned hotel the Company entered into an agreement to sell during the first quarter of 2016. The impairment charge for assets held for sale is related to updating the fair value to be net of estimated transaction cost. Additional Hotel Sales In June of 2016, we began negotiations to sell two of our owned hotels, located in Elmsford, New York and Wayne, New Jersey. As such, it became more likely than not that the holding period for these hotels will be significantly shorter than the previously estimated useful lives. During the second quarter of 2016, we recorded an impairment charge of $13.7 million to adjust the carrying value of these hotels to their estimated fair value. These hotels did not meet the criteria for classification as assets held for sale as of June 30, 2016. During the third quarter of 2016, we entered into agreements to sell these two hotels for $18.4 million, net of transaction costs. We recorded an additional impairment charge of $0.5 million to adjust the carrying value of these hotels to their estimated fair value including a reduction for transaction costs. The fair value estimate is considered to be Level 3 within the fair value measurement hierarchy. During the third quarter of 2016, these hotels met the criteria for classification as assets held for sale. The inputs used in determining the fair value of these assets are based on estimated selling price, less transaction costs. These hotels were sold during the first quarter of 2017 for approximately $17.9 million, net of transaction costs. During the first quarter of 2016, we entered into an agreement to sell one of our owned hotels located in Orlando, Florida for approximately $8.0 million, net of estimated transaction costs. We recorded an impairment charge of $3.0 million to adjust the carrying value of this hotel to its estimated fair value. During the first quarter of 2016, this hotel met the criteria for classification within assets held for sale and was sold in the second quarter of 2016 for approximately $8.4 million, resulting in a gain on sale of $0.3 million. Approximately 50 owned hotels identified as candidates for sale in 2016 In the first quarter of 2016, we identified approximately 50 hotels where it became more likely than not that the holding period will be significantly shorter than the previously estimated useful lives. We recorded an impairment charge of $80.3 million in the first quarter of 2016, to adjust the carrying value of these assets to the lesser of their estimated fair value or carrying value. These assets did not meet the criteria for classification as assets held for sale as of the date of impairment. The fair value estimate is considered to be Level 3 within the fair value measurement hierarchy. The inputs used in determining the fair value of these approximately 50 hotels are based on multiples of room revenues ranging from 3.70 to 1.50 for the identified assets. During the first quarter of 2017, we sold one of these hotels for $4.1 million, net of transaction costs. As of March 31, 2017, of the approximately 50 hotels identified as candidates for sale in the first quarter of 2016, we have sold four hotels and two hotels are in assets held for sale.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 8. RELATED PARTY TRANSACTIONS Prior to the IPO Effective Date, Holdings and 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”). In connection with the IPO, the Funds and other pre-IPO owners contributed their equity interests in the 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. In November 2014 and in April 2015, Blackstone completed two secondary offerings in which it registered and sold 23.0 million and 23.9 million shares of Holdings common stock, respectively. As of March 31, 2017, Blackstone beneficially owned 29.9% of Holdings’ shares of common stock outstanding. As of March 31, 2017 and December 31, 2016, approximately $82.4 million and $81.6 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. We also purchase products and services from entities affiliated with or owned by Blackstone in the ordinary course of operating our business. The fees paid for these products and services were approximately $0.6 million and $1.5 million during the three months ended March 31, 2017 and 2016, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9. 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 — On April 25, 2016, a purported stockholder class action lawsuit, captioned Beisel v. La Quinta Holdings Inc. et al., was filed in the U.S. District Court for the Southern District of New York on behalf of purchasers of the Company’s common stock pursuant to the Company’s March 24, 2015 secondary public offering (the “March Secondary Offering”) and on behalf of purchasers of the Company’s common stock from November 19, 2014 through October 29, 2015 (the “Class Period”). On July 22, 2016, the court appointed lead plaintiff, and on September 30, 2016, lead plaintiff filed an amended complaint. The amended complaint names as defendants the Company, certain current and former Company officers, and certain current and former members of the Board of Directors, among others. The complaint alleges, among other things, that, in violation of the federal securities laws, the registration statement and prospectus filed in connection with the March Secondary Offering contained materially false and misleading information or omissions and that the Company as well as certain current and former officers made false and misleading statements in earnings releases and to analysts during the Class Period. Plaintiff seeks unspecified compensatory damages and other relief. The Company believes that the putative class action lawsuit is without merit and intends to defend the lawsuit vigorously; however, there can be no assurance regarding the ultimate outcome of this lawsuit. In addition, we are a party to a number of pending claims and lawsuits arising in the normal course of business, including proceedings involving tort and other general liability claims, workers’ compensation and other employee claims and intellectual property claims. We do not consider our ultimate liability with respect to any such claims or lawsuits, or the aggregate of such claims and lawsuits, to be material in relation to our consolidated financial condition, results of operations or our cash flows taken as a whole. We maintain general and other liability insurance; however, certain costs of defending lawsuits, such as those below the retention or insurance deductible amount, are not covered by or are only partially covered by insurance policies, and our insurance carriers could refuse to cover certain claims in whole or in part. We regularly evaluate our ultimate liability costs with respect to such claims and lawsuits. We accrue costs from litigation as they become probable and estimable. 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, as amended (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 IRS Appeals and provided to us on August 18, 2015, we submitted responses dated September 3, 2015 and October 1, 2015. Our most recent meeting with the IRS Appeals Office team occurred on January 25, 2017. Our discussions with IRS Appeals are ongoing. We believe the IRS transfer pricing methodologies applied in the audits contain flaws and that the IRS proposed tax and adjustments are inconsistent with U.S. transfer pricing principles and 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 March 31, 2017, 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 intended 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. We have received several draft notices of proposed adjustment proposing a transfer-pricing related assessment of approximately $18 million for 2013 and adjustments to our net operating losses for the years 2006 through 2009. Based on our analysis of these draft notices, we believe the IRS transfer pricing methodologies and NOL disallowances applied in the 2012-2013 audit contains the same flaws present in the 2010-2011 audit and that the IRS proposed tax and adjustments are inconsistent with U.S. transfer pricing principles and 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 March 31, 2017, we have not established any reserves related to this proposed adjustment or any other issues reflected on the returns under examination. On November 1, 2016, the IRS notified the Company that it intends to audit the tax return of one of its subsidiaries, Lodge Holdco II L.L.C., for the short taxable year ended April 13, 2014. The audit is in its early stages and no issues have been communicated to the Company at this point. As Lodge Holdco II L.L.C. was treated as a partnership for the taxable year ended April 13, 2014, any tax resulting from this examination would be assessed at the partner level rather than against the Company. Accordingly, no provision has been recorded for this examination. Purchase Commitments — As of March 31, 2017, we had approximately $49.4 million of purchase commitments primarily related to certain continuing redevelopment and renovation projects and information technology enhancements. 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 March 31, 2017, we had $22.7 million in outstanding commitments owed to various franchisees for such financial assistance.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. INCOME TAXES The Company recorded a provision for federal, state and foreign income tax expense of approximately $2.3 million and income tax benefit of $26.1 million for the three months ended March 31, 2017 and 2016, respectively. The provision for the three month periods ended March 31, 2017 and 2016, differs from the statutory federal tax rate of 35% primarily due to the impact of state income taxes and, for 2017, the impact of certain costs relating to the evaluation of a potential restructuring transaction that are not deductible for income tax purposes.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	NOTE 11. EQUITY-BASED COMPENSATION We issue time-vesting restricted stock awards (“RSAs”), time-vesting restricted stock units (“RSUs), and performance-based restricted stock units (“PSUs”). During the three months ended March 31, 2017 and 2016, we recognized compensation expense of $3.9 million and $2.5 million, respectively, excluding related taxes. Unrecognized compensation expense as of March 31, 2017 was $27.3 million, which is expected to be recognized over a weighted-average period of 1.6 years. As of March 31, 2017 including shares issuable pursuant to the units granted under our restricted stock unit awards. RSAs — During the three months ended March 31, 2017, we issued 0.7 million RSAs with a weighted average grant date fair value of $13.74 per share, which generally vest in equal annual installments over three years from the date of grant. PSUs — During the three months ended March 31, 2017, we issued PSUs that would result in 0.4 million shares being issued at target value to certain of our employees. The performance period for PSUs is generally three years. The calculation of the value of the units granted during the three months ended March 31, 2017 is based solely on our total shareholder return (“TSR”) relative to the Relative Shareholder Return. The number of shares of common stock 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. Vested PSUs are settled with shares of our common stock. The weighted average grant date fair value of the PSUs granted during the three months ended March 31, 2017 was $15.79 per unit, which was determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 27.96 % Dividend yield (2) — % Risk-free rate (3) 1.54 % Expected term (in years) (4) 2.82 (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 PSU 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

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 12. 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 (loss) 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. The calculations of basic and diluted earnings (loss) per share are as follows: For the three months ended March 31, 2017 2016 (in thousands, except per share data) Numerator: Net income (loss) attributable to La Quinta Holdings’ stockholders $ 1,589 $ (38,775 ) Denominator: Weighted average number of shares outstanding, basic 115,936 123,615 Weighted average number of shares outstanding, diluted 116,368 123,615 Basic and diluted earnings (loss) per share $ 0.01 $ (0.31 ) For the three month periods ended March 31, 2017 and 2016, approximately 0.7 million shares and 1.5 million shares, respectively, were excluded from the computation of diluted shares, as their impact would have been anti-dilutive. During March 2016, the 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”). Under the Repurchase Program, these repurchases could 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 the Repurchase Program, through March 31, 2016, the Company repurchased 2.0 million shares of common stock at a weighted-average price of $12.22 per share, for an aggregate purchase price, including commissions, of $24.7 million. Of the $24.7 million aggregate purchase price through March 31, 2016, $18.0 million was settled in cash during the period, with the remainder settled in ordinary course subsequent to March 31, 2016. The shares repurchased through March 31, 2016 represented approximately 1.6% 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. As of March 31, 2016, $75.3 million remained under this share repurchase authorization. The Repurchase Program was completed in May 2016.

Segments

Segments	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segments	NOTE 13. 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 and franchise 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. We define Adjusted EBITDA as our net (loss) 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 for the three months ended March 31, 2017 and 2016: For the three months ended March 31, 2017 2016 Revenues Owned Hotels $ 205,635 $ 215,555 Franchise and management (1) 26,714 26,220 Segment revenues 232,349 241,775 Other fee-based revenues from franchise properties 5,754 5,275 Corporate and other (2) 28,783 29,123 Intersegment elimination (3) (32,614 ) (34,402 ) Total revenues $ 234,272 $ 241,771 Adjusted EBITDA Owned Hotels 58,721 68,253 Franchise and management 26,714 26,220 Segment Adjusted EBITDA 85,435 94,473 Corporate and other (13,485 ) (10,176 ) Adjusted EBITDA $ 71,950 $ 84,297 (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. We charge a franchise fee of 4.5% of gross room revenues and a management fee of 2.5% of gross operating revenue for our owned hotels. These fees are charged to Owned Hotels and are eliminated in the accompanying condensed consolidated financial statements. (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 totaled $16.7 million and $17.6 million for the three month periods ended March 31, 2017 and 2016, respectively. This includes a reservation fee of 2.0% of gross room revenues, which is reflected in corporate and other. These fees are charged to owned hotels and are eliminated in the accompanying condensed consolidated financial statements. (3) Includes management, license, franchise, BMF, Returns, reservation fees and other cost reimbursements totaling $32.6 million and $34.4 million for the three month periods ended March 31, 2017 and 2016, respectively. These fees are charged to owned hotels and are eliminated in the accompanying condensed 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 three month periods ended March 31, 2017 and 2016. Adjusted EBITDA and EBITDA should not be considered an alternative to net income (loss) or other measures of financial performance or liquidity derived in accordance with GAAP: For the three months ended March 31, 2017 2016 (in thousands) Adjusted EBITDA $ 71,950 $ 84,297 Impairment loss — (83,343 ) Loss on sale (138 ) — Gain related to casualty disasters 1,928 669 Equity based compensation (3,943 ) (2,490 ) Amortization of software service agreements (2,359 ) (2,147 ) Other losses, net (1) (7,105 ) (2,940 ) EBITDA 60,333 (5,954 ) Interest expense (20,108 ) (20,364 ) Income tax (expense) benefit (2,290 ) 26,119 Depreciation and amortization (36,257 ) (38,525 ) Noncontrolling interests (89 ) (51 ) Net income (loss) attributable to La Quinta Holdings’ stockholders $ 1,589 $ (38,775 ) (1) Other losses, net consists of net 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), IRS legal defense costs, costs associated with pursuing the possibility of separating our real estate business from our franchise and management businesses and litigation reserve adjustments. The following table presents assets for our reportable segments, reconciled to consolidated amounts as of March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 (in thousands) Total Assets Owned Hotels $ 2,489,136 $ 2,499,770 Franchise and management 198,522 198,832 Total segments assets 2,687,658 2,698,602 Corporate and other 200,596 193,921 Total $ 2,888,254 $ 2,892,523 The following table presents capital expenditures for our reportable segments, reconciled to our consolidated amounts for the three months ended March 31, 2017 and 2016: For the three months 2017 2016 Capital Expenditures Owned Hotels $ 41,432 $ 22,519 Franchise and management — — Total segment capital expenditures 41,432 22,519 Corporate and other 4,746 $ 2,483 Total $ 46,178 $ 25,002 ************

Significant Accounting Polici21

Significant Accounting Policies and Recently Issued Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2017
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 condensed 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, transfer 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 or if the agreement is terminated 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. For U.S. franchise agreements entered into on or after April 1, 2013, the Company collects a monthly royalty fee equal to 4.5% of gross room revenues until the franchisee has operated as a La Quinta for twenty-four consecutive months. . In these cases, the franchisee has the opportunity to earn the additional 0.5% back via rebate by achieving certain defined customer satisfaction results. Royalty fees are recognized on a gross basis in the accompanying condensed consolidated statements of operations. Any rebates of royalty fees are recognized as a reduction of revenue. Pursuant to the franchise agreements with the owned hotels and franchise agreements entered into with franchisees outside of the U.S. on or after April 1, 2013, the Company generally collects a monthly royalty fee equal to 4.5% of gross room revenues throughout the term and does 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. 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 properties represent fees collected from third party franchise 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 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 hotels are presented as brand marketing fund expenses from franchised hotels in our condensed consolidated statements of operations, resulting in no net impact to operating income (loss) or net income (loss). 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.
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, and management is actively seeking a buyer; • The asset is being actively marketed, at a price reasonable in relation to the current value; and • 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 are less than 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.
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 condensed 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 condensed 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 condensed 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.
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. The requisite service period is the period during which an employee is required to provide service for an award to vest. We recognize forfeitures as they occur. 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 —We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. For financial reporting purposes, income tax expense or benefit is based on reported financial accounting income and income taxes related to our taxable subsidiaries. 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.
Newly Issued and Adopted Accounting Standards	Newly Issued Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which provides guidance for evaluating whether certain transactions are to be accounted for as an acquisition (or disposal) of either a business or an asset. This standard is applied on a prospective basis. Early adoption is permitted for transactions occurring subsequent to the issuance of ASU 2017-01 and not reported in the financial statements. The guidance is effective for the interim and annual periods beginning after December 15, 2018, on a prospective basis, and earlier adoption is permitted for transactions occurring subsequent to the issuance of ASU 2017-01 and not reported in the financial statements. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations and related disclosures. Historically credit losses have not been material to the Company. We do not expect the implementation of this to have a material impact on our financial position and results of operations. In February 2016, the FASB issued ASU 2016-02, Leases In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new guidance on revenue from contracts with customers will supersede most current revenue recognition guidance, including industry-specific guidance. 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 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 Company has formed a project team to evaluate and implement the standard and currently believes the most significant areas of impact of this ASU will be i) the deferral of initial fees paid by franchisees over their contract life; and ii) the deferral of costs to acquire a customer. We are continuing our assessment, which may identify other impacts of the adoption of ASU 2014-09. 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 permits the use of either a retrospective or cumulative effect transition method. The Company currently anticipates utilizing the full retrospective method of adoption allowed by the standard, in order to provide for comparative results in all periods presented, and plans to adopt the standard as of January 1, 2018. Newly Adopted Accounting Standards In January 2017, the FASB ASU In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The new guidance requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted but should be in the first interim period. The new guidance should also be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We adopted this standard on January 1, 2017 and it did not have a material effect on our financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments: A Consensus of the FASB Emerging Issues Task Force. The amendments provide guidance on eight specific cash flow classification issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate and bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. We adopted this standard on January 1, 2017 on a retrospective basis. For the three months ended March 31, 2016, we reclassified $0.4 million from insurance proceeds on casualty disasters in cash flows from investing activities to the change in accounts receivable in cash flows from operating activities on the consolidated statement of cash flows. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects related to the accounting for share-based payment transactions. Per ASU 2016-09: (1) all excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit in the income statement, rather than in additional paid-in capital under current guidance; (2) excess tax benefits should be classified along with other income tax cash flows as an operating activity on the statement of cash flows, rather than as a separate cash inflow from financing activities and cash outflow from operating activities under current guidance; (3) cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity; and (4) an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest, as under current guidance, or account for forfeitures when they occur. ASU 2016-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. We adopted this standard on January 1, 2017 and it did not have a material effect on our financial statements. 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.

Organization and Basis of Pre22

Organization and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Hotels Owned, Franchised and Number of Associated Rooms	As of March 31, 2017 and 2016, total owned and franchised hotels, and the approximate number of associated rooms were as follows: March 31, 2017 March 31, 2016 # of hotels # of rooms # of hotels # of rooms Owned (1) 318 40,700 340 43,400 Joint Venture 1 200 1 200 Franchised 570 46,500 545 44,100 Totals 889 87,400 886 87,700 (1)

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2017
Discontinued Operations And Disposal Groups [Abstract]
Major Classes of Assets as Held for Sale	As of March 31, 2017 and December 31, 2016, the carrying amounts of the major classes of assets held for sale were as follows: March 31, 2017 December 31, 2016 (in thousands) Current assets $ 25 $ 64 Property and equipment, net of accumulated depreciation 8,929 29,383 Other non-current assets 94 97 Total assets held for sale $ 9,048 $ 29,544

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Summary of Property and Equipment	The following is a summary of property and equipment as of March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 (in thousands) Land $ 740,690 $ 740,996 Buildings and improvements 2,640,515 2,621,924 Furniture, fixtures, equipment and other 442,886 429,307 Total property and equipment 3,824,091 3,792,227 Less accumulated depreciation (1,428,182 ) (1,397,514 ) Property and equipment, net 2,395,909 2,394,713 Construction in progress 75,504 62,067 Total property and equipment, net of accumulated depreciation $ 2,471,413 $ 2,456,780

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt as of March 31, 2017 and December 31, 2016 was as follows: March 31, 2017 December 31, 2016 (in thousands) Current portion of long-term debt $ 17,514 $ 17,514 Long-term debt 1,679,423 1,682,436 Total long-term debt (1) $ 1,696,937 $ 1,699,950 (1) As of March 31, 2017 and December 31, 2016, the 30 day United States dollar London Interbank Offering Rate (“LIBOR”) was 0.93% and 0.72%, respectively. As of March 31, 2017, the interest rate, maturity date and principal payments on the Term Facility (as defined below) were as follows: • During the three months ended March 31, 2017, we made a quarterly scheduled principal payment of $4.4 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 decreased to LIBOR with a floor of 1.0% plus a spread of 2.75% for the period from August 1, 2015 to March 31, 2017. Included in the Term Facility as of March 31, 2017 and December 31, 2016 is an unamortized original issue discount of $6.4 million and $6.7 million, respectively. Included in the Term Facility, as of March 31, 2017 and December 31, 2016, is the deduction of debt issuance costs of $17.5 million and $18.5 million, respectively. As of March 31, 2017 and December 31, 2016, we had $15.2 million and $16.2 million, respectively, in accrued interest included within accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.
Schedule of Interest Expense, Net	Net interest expense, including the impact of our interest rate swap (see Note 6), consisted of the following for the three months ended March 31, 2017 and 2016: For the three months ended March 31, Description 2017 2016 Term Facility $ 18,739 $ 19,031 Amortization of deferred financing costs 999 970 Amortization of original issue discount 367 356 Other interest 3 7 Interest income (128 ) (58 ) Total interest expense, net $ 19,980 $ 20,306

Derivative Instruments and He26

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Effects of Fair Value of Derivative Instruments in Condensed Consolidated Balance Sheets	The effects of our derivative instruments on our condensed consolidated balance sheets were as follows: March 31, 2017 December 31, 2016 Balance Sheet Classification Fair Value Balance Sheet Classification Fair Value (in thousands) Cash Flow Hedges: Interest rate swap Other long- term liabilities $ 7,068 Other long- term liabilities $ 9,803
Earnings Effect of Derivative Instruments in Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss)	The effects of our derivative instruments on our condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (loss), net of the effect for income taxes, were as follows: Classification of Gain For the three months ended March 31, (Loss) Recognized 2017 2016 Cash Flow Hedges: Interest rate swap (1) Other income (loss) $ 1,778 $ (4,924 ) (1) There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing during the three months ended March 31, 2017 and 2016, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
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: March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Cash and cash equivalents (1) $ 161,495 $ 161,495 $ 160,596 $ 160,596 Interest rate swaps (2) 7,068 7,068 9,803 9,803 Long-term debt (3)(4) 1,696,937 1,722,616 1,699,950 1,716,815 (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)
Schedule of Fair Value of Assets Measured on Non-recurring Basis and Related Impairment Charges	March 31, 2017 Level 1 Level 2 Level 3 Total Fair Value Impairment Charge (in thousands) Owned hotels identified for possible sale $ — $ — $ 227,816 $ 227,816 $ — Assets held for sale (1) — — 9,048 9,048 — $ — $ — $ 236,864 $ 236,864 $ — (1) March 31, 2016 Level 1 Level 2 Level 3 Total Fair Value Impairment Charge (in thousands) Owned hotels identified for possible sale $ — $ — $ 251,163 $ 251,163 $ 80,383 Assets held for sale (1) — — 43,477 43,477 2,960 $ — $ — $ 294,640 $ 294,640 $ 83,343 (1) Assets held for sale include 13 hotels and a restaurant parcel designated as held for sale in the third quarter of 2015, in addition to the one owned hotel the Company entered into an agreement to sell during the first quarter of 2016. The impairment charge for assets held for sale is related to updating the fair value to be net of estimated transaction cost.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Performance Unit Grant II [Member]
Assumptions Used in Determining Fair Value of Performance Unit Grant	The weighted average grant date fair value of the PSUs granted during the three months ended March 31, 2017 was $15.79 per unit, which was determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 27.96 % Dividend yield (2) — % Risk-free rate (3) 1.54 % Expected term (in years) (4) 2.82 (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 PSU 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)	3 Months Ended
	Mar. 31, 2017
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 (loss) per share are as follows: For the three months ended March 31, 2017 2016 (in thousands, except per share data) Numerator: Net income (loss) attributable to La Quinta Holdings’ stockholders $ 1,589 $ (38,775 ) Denominator: Weighted average number of shares outstanding, basic 115,936 123,615 Weighted average number of shares outstanding, diluted 116,368 123,615 Basic and diluted earnings (loss) per share $ 0.01 $ (0.31 )

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Summarized Consolidated Financial Information by Segment	The table below shows summarized consolidated financial information by segment for the three months ended March 31, 2017 and 2016: For the three months ended March 31, 2017 2016 Revenues Owned Hotels $ 205,635 $ 215,555 Franchise and management (1) 26,714 26,220 Segment revenues 232,349 241,775 Other fee-based revenues from franchise properties 5,754 5,275 Corporate and other (2) 28,783 29,123 Intersegment elimination (3) (32,614 ) (34,402 ) Total revenues $ 234,272 $ 241,771 Adjusted EBITDA Owned Hotels 58,721 68,253 Franchise and management 26,714 26,220 Segment Adjusted EBITDA 85,435 94,473 Corporate and other (13,485 ) (10,176 ) Adjusted EBITDA $ 71,950 $ 84,297 (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. We charge a franchise fee of 4.5% of gross room revenues and a management fee of 2.5% of gross operating revenue for our owned hotels. These fees are charged to Owned Hotels and are eliminated in the accompanying condensed consolidated financial statements. (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 totaled $16.7 million and $17.6 million for the three month periods ended March 31, 2017 and 2016, respectively. This includes a reservation fee of 2.0% of gross room revenues, which is reflected in corporate and other. These fees are charged to owned hotels and are eliminated in the accompanying condensed consolidated financial statements. (3) Includes management, license, franchise, BMF, Returns, reservation fees and other cost reimbursements totaling $32.6 million and $34.4 million for the three month periods ended March 31, 2017 and 2016, respectively. These fees are charged to owned hotels and are eliminated in the accompanying condensed 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 three month periods ended March 31, 2017 and 2016. Adjusted EBITDA and EBITDA should not be considered an alternative to net income (loss) or other measures of financial performance or liquidity derived in accordance with GAAP: For the three months ended March 31, 2017 2016 (in thousands) Adjusted EBITDA $ 71,950 $ 84,297 Impairment loss — (83,343 ) Loss on sale (138 ) — Gain related to casualty disasters 1,928 669 Equity based compensation (3,943 ) (2,490 ) Amortization of software service agreements (2,359 ) (2,147 ) Other losses, net (1) (7,105 ) (2,940 ) EBITDA 60,333 (5,954 ) Interest expense (20,108 ) (20,364 ) Income tax (expense) benefit (2,290 ) 26,119 Depreciation and amortization (36,257 ) (38,525 ) Noncontrolling interests (89 ) (51 ) Net income (loss) attributable to La Quinta Holdings’ stockholders $ 1,589 $ (38,775 ) (1) Other losses, net consists of net 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), IRS legal defense costs, costs associated with pursuing the possibility of separating our real estate business from our franchise and management businesses 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 March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 (in thousands) Total Assets Owned Hotels $ 2,489,136 $ 2,499,770 Franchise and management 198,522 198,832 Total segments assets 2,687,658 2,698,602 Corporate and other 200,596 193,921 Total $ 2,888,254 $ 2,892,523
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 for the three months ended March 31, 2017 and 2016: For the three months 2017 2016 Capital Expenditures Owned Hotels $ 41,432 $ 22,519 Franchise and management — — Total segment capital expenditures 41,432 22,519 Corporate and other 4,746 $ 2,483 Total $ 46,178 $ 25,002

Organization and Basis of Pre31

Organization and Basis of Presentation - Additional Information (Detail) shares in Millions	Apr. 14, 2014shares
IPO [Member]
Organization And Basis Of Presentation [Line Items]
Initial public offering, issued and sold	44

Organization and Basis of Pre32

Organization and Basis of Presentation - Summary of Hotels Owned, Franchised and Number of Associated Rooms (Detail)	Mar. 31, 2017HotelRoom	Mar. 31, 2016HotelRoom
Real Estate Properties [Line Items]
Number of hotels | Hotel	889	886
Number of rooms | Room	87,400	87,700
Owned [Member]
Real Estate Properties [Line Items]
Number of hotels | Hotel	318	340
Number of rooms | Room	40,700	43,400
Joint Venture [Member]
Real Estate Properties [Line Items]
Number of hotels | Hotel	1	1
Number of rooms | Room	200	200
Franchised [Member]
Real Estate Properties [Line Items]
Number of hotels | Hotel	570	545
Number of rooms | Room	46,500	44,100

Organization and Basis of Pre33

Organization and Basis of Presentation - Summary of Hotels Owned, Franchised, and Number of Associated Rooms (Parenthetical) (Detail) - Hotel	3 Months Ended			12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2015	Dec. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of hotels held for sale	3	14	13	5

Significant Accounting Polici34

Significant Accounting Policies and Recently Issued Accounting Standards - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
ASU 2016-15 [Member]
Summary Of Significant Accounting Policies [Line Items]
Reclassification from insurance proceeds on casualty disasters to accounts receivable in cash flow		$ 400,000
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 rebate percentage	0.50%
Franchise Agreements on or after April 1, 2013 [Member]
Summary Of Significant Accounting Policies [Line Items]
Royalty fee	4.50%
Increase in royalty fee	0.50%
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%

Assets Held for Sale - Addition

Assets Held for Sale - Additional Information (Detail) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2017USD ($)HotelRestaurant	Mar. 31, 2016USD ($)	Sep. 30, 2015Restaurant	Dec. 31, 2017Hotel	Dec. 31, 2016HotelRestaurant
Asset Retirement Obligation Disclosure [Line Items]
Number of hotels classified as assets held for sale	1				5
Number of restaurants parcel held for sale | Restaurant	1		1		1
Number of hotels sold	3
Proceeds from sale of hotel | $	$ 22,011	$ 0
Scenario Forecast [Member]
Asset Retirement Obligation Disclosure [Line Items]
Number of hotels classified as assets held for sale				2

Assets Held for Sale - Major Cl

Assets Held for Sale - Major Classes of Assets as Held for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Current assets	$ 25	$ 64
Property and equipment, net of accumulated depreciation	8,929	29,383
Other non-current assets	94	97
Total assets held for sale	$ 9,048	$ 29,544

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,824,091	$ 3,792,227
Less accumulated depreciation	(1,428,182)	(1,397,514)
Property and equipment, net	2,395,909	2,394,713
Construction in progress	75,504	62,067
Total property and equipment, net of accumulated depreciation	2,471,413	2,456,780
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	740,690	740,996
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	2,640,515	2,621,924
Furniture, Fixtures, Equipment and Other [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 442,886	$ 429,307

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property Plant And Equipment [Abstract]
Depreciation and amortization expense	$ 36	$ 38.3

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Current portion of long-term debt	$ 17,514	$ 17,514
Long-term debt	1,679,423	1,682,436
Total long-term debt	$ 1,696,937	$ 1,699,950

Long-Term Debt - Schedule of 40

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions	Jul. 31, 2015	Apr. 14, 2014	Mar. 31, 2017	Dec. 31, 2016
Senior Secured Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt instrument, floor interest rate		1.00%
First lien net leverage ratio, description			First lien net leverage ratio of less than or equal to 4.50 to 1.00
First lien net leverage ratio	4.50	4.50
Term Facility [Member]
Debt Instrument [Line Items]
Quarterly principal payments			$ 4.4
Debt instrument, basis spread on variable rate	3.00%
Unamortized long-term debt reduction			6.4	$ 6.7
Debt issuance costs net			17.5	18.5
Accrued interest			$ 15.2	$ 16.2
Term Facility [Member] | Senior Secured Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
First lien net leverage ratio, description			first lien net leverage ratio of less than 4.50 to 1.00
First lien net leverage ratio	4.50
LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			0.93%	0.72%
LIBOR [Member] | Senior Secured Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.00%
LIBOR [Member] | Term Facility [Member]
Debt Instrument [Line Items]
Debt instrument, floor interest rate	1.00%
LIBOR [Member] | Term Facility [Member] | Senior Secured Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt instrument, floor interest rate	1.00%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Jul. 31, 2015	Mar. 02, 2015	Apr. 14, 2014USD ($)	Sep. 30, 2014	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2014
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
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%
First lien net leverage ratio, description					First lien net leverage ratio of less than or equal to 4.50 to 1.00
Debt instrument, floor interest rate			1.00%
Step-down rate	0.25%		0.25%
First lien net leverage ratio	4.50		4.50
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] | Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, floor interest rate			2.00%
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, description					First lien net leverage ratio less than or equal to 5.00 to 1.00
First lien net leverage ratio		5	5
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
Revolving Facility [Member]
Debt Instrument [Line Items]
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%
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 instrument, floor interest rate			1.00%
Step-down rate	0.25%	0.25%	0.25%
First lien net leverage ratio	4.50	5
Proceeds from letters of credit					$ 14,100,000	$ 14,600,000
Percentage of fee on letter of credit		2.38%					2.63%
Step-down margin	2.13%
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, description					First lien net leverage ratio of less than 5.00 to 1.00
Step-down rate		0.25%
First lien net leverage ratio		5	5
Revolving Facility [Member] | Step-down Two [Member]
Debt Instrument [Line Items]
First lien net leverage ratio, description					First lien net leverage ratio of less than 4.50 to 1.00
Step-down rate	0.25%
First lien net leverage ratio	4.50		4.50
Revolving Facility [Member] | Step-down Three [Member]
Debt Instrument [Line Items]
First lien net leverage ratio			4

Long-Term Debt - Schedule of In

Long-Term Debt - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest Expense [Line Items]
Other interest	$ 3	$ 7
Interest income	(128)	(58)
Total interest expense, net	19,980	20,306
Term Facility [Member]
Interest Expense [Line Items]
Interest expense	18,739	19,031
Amortization of deferred financing costs	999	970
Amortization of original issue discount	$ 367	$ 356

Derivative Instruments and He43

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 He44

Derivative Instruments and Hedging Activities - Effects of Fair Value of Derivative Instruments in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Interest Rate Swap [Member] | Other Long-Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	$ 7,068	$ 9,803

Derivative Instruments and He45

Derivative Instruments and Hedging Activities - Earnings Effect of Derivative Instruments in Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Classification of Gain (Loss) Recognized	$ 1,778	$ (4,924)
Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Other Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Classification of Gain (Loss) Recognized	$ 1,778	$ (4,924)

Derivative Instruments and He46

Derivative Instruments and Hedging Activities - Earnings Effect of Derivative Instruments in Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Amounts recognized in earnings related to hedge ineffectiveness	$ 0	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Cash and cash equivalents, carrying amount	$ 161,495	$ 160,596	$ 83,338	$ 86,709
Interest rate swaps, carrying amount	7,068	9,803
Long-term debt, carrying amount	1,696,937	1,699,950
Cash and cash equivalents, fair value	161,495	160,596
Interest rate swaps, fair value	7,068	9,803
Long-term debt, fair value	$ 1,722,616	$ 1,716,815

Fair Value Measurements - Car48

Fair Value Measurements - Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Term Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt issuance cost net	$ 17.5	$ 18.5

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended					12 Months Ended
	Jun. 30, 2016Hotel	Mar. 31, 2017USD ($)Hotel	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)Hotel	Sep. 30, 2015Hotel	Dec. 31, 2016Hotel
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of wholly owned hotels agreed to sell | Hotel					1
Proceeds from sale of assets		$ 22,011			$ 0
Number of hotels sold | Hotel		3
Number of hotels held for sale | Hotel		3			14	13	5
Owned Hotels Identified For Possible Sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment charge					$ 80,383
Proceeds from sale of assets		$ 17,900
Owned Hotels Identified For Possible Sale [Member] | New York [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of wholly owned hotels agreed to sell | Hotel	2
Impairment charge				$ 13,700
Estimated selling prices			$ 18,400
Assets Held For Sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment charge					$ 2,960
Assets Held For Sale [Member] | New York [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment charge			$ 500
1 Owned Hotel [Member] | Florida [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of wholly owned hotels agreed to sell | Hotel					1
Impairment charge					$ 3,000
Estimated selling prices					8,000
Proceeds from sale of assets				8,400
Gain on sale of hotels				$ 300
50 Owned Hotels Held For Sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment charge					$ 80,300
Proceeds from sale of assets		$ 4,100
Number of hotels impaired | Hotel					50
Number of hotels sold | Hotel		4
Number of hotels held for sale | Hotel		2
50 Owned Hotels Held For Sale [Member] | Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of room revenues multiples					3.70
50 Owned Hotels Held For Sale [Member] | Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of room revenues multiples					1.50
Long-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rates		3.60%					3.70%

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
	Mar. 31, 2016	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	$ 294,640	$ 236,864
Impairment charge	83,343
Owned Hotels Identified For Possible Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	251,163	227,816
Impairment charge on assets held for use	80,383
Assets Held For Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	43,477	9,048
Impairment charge on assets held for use	2,960
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	294,640	236,864
Level 3 [Member] | Owned Hotels Identified For Possible Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	251,163	227,816
Level 3 [Member] | Assets Held For Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	$ 43,477	$ 9,048

Fair Value Measurements - Sch51

Fair Value Measurements - Schedule of Fair Value of Assets Measured on Non-recurring Basis and Related Impairment Charges (Parenthetical) (Detail)	3 Months Ended			12 Months Ended
	Mar. 31, 2017HotelRestaurant	Mar. 31, 2016Hotel	Sep. 30, 2015HotelRestaurant	Dec. 31, 2016HotelRestaurant
Fair Value Disclosures [Abstract]
Number of hotels held for sale	3	14	13	5
Number of restaurants parcel held for sale | Restaurant	1		1	1
Number of additional hotels held for sale	1
Number of wholly owned hotels agreed to sell		1

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2015	Nov. 30, 2014	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Apr. 14, 2014
Related Party Transaction [Line Items]
Exchange of common stock shares						81,060
Previously Managed Hotels [Member]
Related Party Transaction [Line Items]
Purchase products and services from affiliates			$ 0.6	$ 1.5
Blackstone [Member] | Secondary Offering [Member]
Related Party Transaction [Line Items]
Shares of holdings common shares	23,900	23,000
Percentage of holdings' shares of common stock outstanding			29.90%
Affiliates of Black Stone [Member] | Senior Secured Term Loan Facility [Member]
Related Party Transaction [Line Items]
Senior secured credit facility			$ 82.4		$ 81.6

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jul. 07, 2014	Mar. 31, 2017
Commitments And Contingencies [Line Items]
Purchase commitments		$ 49.4
Outstanding commitments owed to various franchisees		22.7
Internal Revenue Service (IRS) [Member]
Commitments And Contingencies [Line Items]
Notice of taxable adjustment from IRS	$ 158
Operating Loss Carryforwards	$ 89
Tax rate impose on REIT, federal and state tax authorities	100.00%
Internal Revenue Service (IRS) [Member] | Tax Year 2013 [Member]
Commitments And Contingencies [Line Items]
Proposed adjustment to transfer-pricing related assessment		$ 18

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Provision for federal, state and foreign income tax expense (benefit)	$ 2.3	$ (26.1)
Income tax federal statutory rate	35.00%	35.00%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense net of tax	$ 3.9	$ 2.5
Unrecognized compensation expense	$ 27.3
Weighted average period of recognition for unrecognized compensation expense	1 year 7 months 6 days
Restricted Stock Awards (RSAs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted during the period	0.7
Weighted average grant date fair value	$ 13.74
Vesting period	3 years
Performance-based Restricted Stock Units (PSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted during the period	0.4
Weighted average grant date fair value	$ 15.79
Performance awards performance period	3 years
Description of value of units granted under the plan	The calculation of the value of the units granted during the three months ended March 31, 2017 is based solely on our total shareholder return (“TSR”) relative to the Relative Shareholder Return.
Performance-based Restricted Stock Units (PSUs) [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout range	33.00%
Performance-based Restricted Stock Units (PSUs) [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout range	200.00%
2014 Omnibus Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share reserved for purchase	10.5

Equity-Based Compensation - Ass

Equity-Based Compensation - Assumptions Used in Determining Fair Value of Performance Unit Grant (Detail) - Performance-based Restricted Stock Units (PSUs) [Member]	3 Months Ended
	Mar. 31, 2017
Schedule Of Share Based Compensation Valuation Assumptions [Line Items]
Expected volatility	27.96%
Risk-free rate	1.54%
Expected term (in years)	2 years 9 months 26 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
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income (loss) attributable to La Quinta Holdings’ stockholders	$ 1,589	$ (38,775)
Denominator:
Weighted average number of shares outstanding, basic	115,936	123,615
Weighted average number of shares outstanding, diluted	116,368	123,615
Basic and diluted earnings (loss) per share	$ 0.01	$ (0.31)

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted shares	0.7	1.5
Common stock repurchase, authorized amount		$ 100,000,000
Common stock repurchased during period, shares		2
Weighted average repurchase price		$ 12.22
Aggregate stock repurchase price	$ 16,000	$ 24,762,000
Cash settled for repurchase of common stock		$ 18,000,000
Percentage of repurchase of common stock		1.60%
Common stock repurchase, remaining authorized repurchase amount		$ 75,300,000

Segments - Summarized Consolida

Segments - Summarized Consolidated Financial Information by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 234,272	$ 241,771
Revenues	5,754	5,275
Adjusted EBITDA	71,950	84,297
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	232,349	241,775
Adjusted EBITDA	85,435	94,473
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenues	28,783	29,123
Adjusted EBITDA	(13,485)	(10,176)
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Revenues	(32,614)	(34,402)
Owned Hotels [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	205,635	215,555
Adjusted EBITDA	58,721	68,253
Franchise and Management [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	26,714	26,220
Revenues	5,754	5,275
Adjusted EBITDA	$ 26,714	$ 26,220

Segments - Summarized Consoli60

Segments - Summarized Consolidated Financial Information by Segment (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Reservation fee percentage	2.00%
Owned Hotels [Member]
Segment Reporting Information [Line Items]
Franchise fee percentage	4.50%
Management fee percentage	2.50%
Revenue from owned hotels	$ 16.7	$ 17.6
Fee charged to owned hotels	$ 32.6	$ 34.4

Segments - Reconciliation of Ad

Segments - Reconciliation of Adjusted EBITDA to EBITDA and EBITDA to Net Income (Loss) Attributable to Company (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting [Abstract]
Adjusted EBITDA	$ 71,950	$ 84,297
Impairment loss	0	(83,343)
Loss on sale	(138)	0
Gain related to casualty disasters	1,928	669
Equity based compensation	(3,943)	(2,490)
Amortization of software service agreements	(2,359)	(2,147)
Other losses, net	(7,105)	(2,940)
EBITDA	60,333	(5,954)
Interest expense	(20,108)	(20,364)
Income tax (expense) benefit	(2,290)	26,119
Depreciation and amortization	(36,257)	(38,525)
Less: net income attributable to noncontrolling interest	(89)	(51)
Net Income (Loss) attributable to La Quinta Holdings’ stockholders	$ 1,589	$ (38,775)

Segments - Reconciliation of As

Segments - Reconciliation of Assets for Reportable Segments to Consolidated Amounts (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,888,254	$ 2,892,523
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,687,658	2,698,602
Operating Segments [Member] | Owned Hotels [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,489,136	2,499,770
Operating Segments [Member] | Franchise and Management [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	198,522	198,832
Corporate and Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 200,596	$ 193,921

Segments - Reconciliation of Ca

Segments - Reconciliation of Capital Expenditures for Reportable Segments to Consolidated Amounts (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 46,178	$ 25,002
Operating Segments [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	41,432	22,519
Operating Segments [Member] | Owned Hotels [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	41,432	22,519
Corporate and Other [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 4,746	$ 2,483