La Quinta 10-Q 2 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 27, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		117,454,534

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 180,037	$ 160,596
Accounts receivable, net of allowance for doubtful accounts of $4,154 and $4,022	60,649	45,337
Assets held for sale	8,384	29,544
Other current assets	14,274	9,943
Total Current Assets	263,344	245,420
Property and equipment, net of accumulated depreciation	2,494,402	2,456,780
Intangible assets, net of accumulated amortization	176,237	177,002
Other non-current assets	17,825	13,321
Total Non-Current Assets	2,688,464	2,647,103
Total Assets	2,951,808	2,892,523
Current Liabilities:
Current portion of long-term debt	17,514	17,514
Accounts payable	41,825	38,130
Accrued expenses and other liabilities	60,624	64,581
Accrued payroll and employee benefits	43,641	38,467
Accrued real estate taxes	24,797	21,400
Total Current Liabilities	188,401	180,092
Long-term debt	1,673,429	1,682,436
Other long-term liabilities	25,880	29,130
Deferred tax liabilities	361,118	343,028
Total Liabilities	2,248,828	2,234,686
Commitments and Contingencies
Equity:
Preferred Stock, $0.01 par value; 100,000,000 shares authorized and none outstanding as of September 30, 2017 and December 31, 2016	0	0
Common Stock, $0.01 par value; 2,000,000,000 shares authorized at September 30, 2017 and December 31, 2016, 132,476,865 shares issued and 117,459,877 shares outstanding as of September 30, 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	1,177,841	1,165,651
Accumulated deficit	(265,216)	(296,006)
Treasury stock at cost, 15,016,988 shares at September 30, 2017 and 14,960,245 shares at December 31, 2016	(210,340)	(209,523)
Accumulated other comprehensive loss	(3,208)	(6,372)
Noncontrolling interests	2,578	2,769
Total Equity	702,980	657,837
Total Liabilities and Equity	$ 2,951,808	$ 2,892,523

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4,154	$ 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	132,476,865	131,750,715
Common Stock, shares outstanding	117,459,877	116,790,470
Treasury stock, shares	15,016,988	14,960,245

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUES:
Room revenues	$ 222,883	$ 230,081	$ 643,670	$ 669,422
Franchise and other fee-based revenues	32,842	30,026	86,995	80,196
Other hotel revenues	4,950	4,895	14,683	14,744
Revenue from leased and owned hotels	260,675	265,002	745,348	764,362
Brand marketing fund revenues from franchised properties	7,967	7,310	21,003	19,276
Total Revenues	268,642	272,312	766,351	783,638
OPERATING EXPENSES:
Direct lodging expenses	110,387	108,649	315,175	311,139
Depreciation and amortization	37,934	36,048	110,390	110,973
General and administrative expenses	34,615	29,572	105,551	86,451
Other lodging and operating expenses	17,419	14,872	39,310	45,848
Marketing, promotional and other advertising expenses	18,656	15,566	59,370	55,853
Impairment loss	989	1,058	989	100,618
Gain on sales	(1,457)	(2,048)	(1,319)	(2,770)
Operating expenses	218,543	203,717	629,466	708,112
Brand marketing fund expenses from franchised properties	7,967	7,310	21,003	19,276
Total Operating Expenses	226,510	211,027	650,469	727,388
Operating Income (Loss)	42,132	61,285	115,882	56,250
OTHER INCOME (EXPENSES):
Interest expense, net	(20,696)	(20,427)	(60,929)	(61,019)
Other income	834	1,188	741	2,288
Total Other (Expenses) Income, net	(19,862)	(19,239)	(60,188)	(58,731)
Income (Loss) Before Income Taxes	22,270	42,046	55,694	(2,481)
Income tax (expense) benefit	(9,862)	(19,362)	(24,785)	1,359
NET INCOME (LOSS)	12,408	22,684	30,909	(1,122)
Less: net loss (income) attributable to noncontrolling interest	7	(18)	(119)	(138)
Net Income (Loss) attributable to La Quinta Holdings’ stockholders	$ 12,415	$ 22,666	$ 30,790	$ (1,260)
Earnings (loss) per share:
Basic earnings (loss) per share	$ 0.11	$ 0.20	$ 0.27	$ (0.01)
Diluted earnings (loss) per share	$ 0.11	$ 0.20	$ 0.26	$ (0.01)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 12,408	$ 22,684	$ 30,909	$ (1,122)
Cash flow hedge adjustment, net of tax	1,351	1,821	3,164	(3,958)
COMPREHENSIVE NET INCOME (LOSS)	13,759	24,505	34,073	(5,080)
Comprehensive net loss (income) attributable to noncontrolling interests	7	(18)	(119)	(138)
Comprehensive net income (loss) attributable to La Quinta Holdings’ Stockholders	$ 13,766	$ 24,487	$ 33,954	$ (5,218)

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	(1,122)				(1,260)		138
Distributions	(316)						(316)
Equity-based compensation	10,797	$ 7		10,790
Equity-based compensation, shares		766,813
Tax deficit related to equity comp (APIC Pool)	(708)			(708)
Repurchase of common stock	(100,933)		(100,933)
Repurchase of common stock, shares		(8,277,331)
Cash flow hedge adjustment, net of tax	(3,958)					(3,958)
Ending Balance at Sep. 30, 2016	650,272	$ 1,317	(208,632)	1,162,237	(295,978)	(11,394)	2,722
Ending Balance, shares at Sep. 30, 2016		116,791,800
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	$ 30,909				30,790		119
Distributions	(310)						(310)
Equity-based compensation	12,197	$ 7		12,190
Equity-based compensation, shares		741,882
Repurchase of common stock	(817)		(817)
Repurchase of common stock, shares		(72,475)
Cash flow hedge adjustment, net of tax	3,164					3,164
Ending Balance at Sep. 30, 2017	$ 702,980	$ 1,325	$ (210,340)	$ 1,177,841	$ (265,216)	$ (3,208)	$ 2,578
Ending Balance, shares at Sep. 30, 2017	117,459,877	117,459,877

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
NET INCOME (LOSS)	$ 30,909	$ (1,122)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	110,271	110,914
Amortization of other non-current assets	540	102
Amortization of intangible assets	501	562
Gain related to casualty disasters	(1,234)	(282)
Amortization of leasehold interests	(382)	(503)
Amortization of deferred costs	4,459	4,251
Impairment loss	989	100,618
Gain on sales	(1,319)	(2,770)
Equity-based compensation	12,197	10,797
Deferred taxes	16,386	(11,591)
Provision for doubtful accounts	1,541	917
Changes in assets and liabilities:
Accounts receivable	(8,340)	(10,233)
Other current assets	(4,331)	(2,265)
Other non-current assets	(3,757)	440
Accounts payable	(5,521)	(4,676)
Accrued payroll and employee benefits	5,174	(56)
Accrued real estate taxes	3,397	4,166
Accrued expenses and other liabilities	(3,975)	6,643
Other long-term liabilities	2,264	1,344
Net cash provided by operating activities	159,769	207,256
Cash flows from investing activities:
Capital expenditures	(158,379)	(89,767)
Insurance proceeds on casualty disasters	5,685	2,965
Proceeds from sale of assets	27,846	56,418
Payment of franchise incentives	(1,217)	(1,013)
Net cash used in investing activities	(126,065)	(31,397)
Cash flows from financing activities:
Repayment of long-term debt	(13,136)	(13,136)
Purchase of treasury stock	(817)	(100,933)
Distributions to noncontrolling interests	(310)	(316)
Net cash used in financing activities	(14,263)	(114,385)
Increase in cash and cash equivalents	19,441	61,474
Cash and cash equivalents at the beginning of the period	160,596	86,709
Cash and cash equivalents at the end of the period	180,037	148,183
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid during the period	56,679	57,472
Income taxes paid during the period, net of refunds	13,716	5,600
SUPPLEMENTAL NON-CASH DISCLOSURE:
Capital expenditures included in accounts payable	8,467	7,492
Cash flow hedge adjustment, net of tax	3,164	(3,958)
Receivable for capital assets damaged by casualty disasters	6,201	1,865
Accrued deferred incentive costs	$ (400)	$ (1,013)

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 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 (“U.S.”) under the La Quinta brand. We also franchise hotels under the La Quinta brand, with franchised hotels currently operating in the 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. As of September 30, 2017 and 2016, total owned and franchised hotels, and the approximate number of associated rooms were as follows: September 30, 2017 September 30, 2016 # of hotels # of rooms # of hotels # of rooms Owned (1) 317 40,500 325 41,500 Joint Venture 1 200 1 200 Franchised 576 47,100 567 46,300 Totals 894 87,800 893 88,000 (1) On January 18, 2017, we announced 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. On July 26, 2017, our subsidiary, CorePoint Lodging Inc. (“CorePoint Lodging”), filed a Registration Statement on Form 10 (as subsequently amended, the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) with respect to the separation of our real estate business from our franchise and management businesses. Completion of the separation is subject to several conditions, including the SEC declaring the Registration Statement effective and final approval of the transaction by our board of directors. 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 incorporated by reference in Item 8.01 of our Current Report on Form 8-K filed with the SEC on July 26, 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	9 Months Ended
	Sep. 30, 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 August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this update is to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosure of hedging arrangements. ASU 2017-12 is effective for annual reporting periods, and interim periods beginning after December 31, 2018. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations and related disclosures. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. This update clarifies the changes to terms or conditions of a share-based payment award that require an entity to apply modification accounting. ASU 2017-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. Early application is permitted and prospective application is required. We do not expect the implementation of this guidance to have a material impact on our consolidated financial position and results of operations. In January 2017, the FASB issued 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 do not anticipate the adoption of this guidance will have a material impact 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. Historically, credit losses have not been material to the Company. We are currently evaluating the impact of this guidance on our financial statements but do not expect the implementation of this guidance to have a material impact on our consolidated 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 rather than recognition of the majority of the fee upon signing, (ii) the deferral of costs to acquire a customer over the term of the agreement rather than expensing as incurred; and (iii) revenue related to accounting for loyalty programs will be recognized as services are delivered, as opposed to recognized on a gross basis when the points are issued. 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 modified retrospective method of adoption. Under this method, the Company expects to record a cumulative adjustment to retained earnings and plans to adopt the standard as of January 1, 2018. Newly Adopted Accounting Standards In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments—Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. We adopted this standard on January 1, 2017 and it did not have a material effect on our financial statements. 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 nine months ended September 30, 2016, we reclassified $1.2 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. We adopted this standard on January 1, 2017. We prospectively applied the guidance dictating excess tax benefits be recognized on the income statement. We retrospectively applied the guidance dictating the presentation of excess tax benefits as an operating cash flow. For the nine months ended September 30, 2016, the adoption of this standard resulted in the excess tax benefit presented in operating and financing activities in the consolidated cash flow statements being eliminated from the presentation. The adoption of this standard did not have a material impact on our financial statements. In addition, we retrospectively applied the guidance dictating cash paid by an employer when directly withholding shares for tax-withholding purposes are classified as a financing activity, which is consistent with the Company’s historical presentation, and therefore had no impact to the Company. Finally, we elected to account for forfeitures when they occur. 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	9 Months Ended
	Sep. 30, 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. During the third quarter of 2017, we sold one hotel for $5.8 million, net of transaction costs. The remaining hotel is expected to be sold before the end of 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. The transfer of title for this property occurred subsequent to the end of the third quarter of 2017. During the second quarter of 2017, we did not sell any hotels or transfer any hotels into assets held for sale. During the third quarter of 2017, one hotel in Morrisville, North Carolina met the criteria to be classified as an asset held for sale. This property is expected to be sold before the end of 2017. As of September 30, 2017 and December 31, 2016, the carrying amounts of the major classes of assets held for sale were as follows: September 30, 2017 December 31, 2016 (in thousands) Current assets $ 48 $ 64 Property and equipment, net of accumulated depreciation 8,264 29,383 Other non-current assets 72 97 Total assets held for sale $ 8,384 $ 29,544

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 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 September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 (in thousands) Land $ 739,990 $ 740,996 Buildings and improvements 2,682,165 2,621,924 Furniture, fixtures, equipment and other 462,885 429,307 Total property and equipment 3,885,040 3,792,227 Less accumulated depreciation (1,491,542 ) (1,397,514 ) Property and equipment, net 2,393,498 2,394,713 Construction in progress 100,904 62,067 Total property and equipment, net of accumulated depreciation $ 2,494,402 $ 2,456,780 Depreciation and amortization expense related to property and equipment was $37.9 million and $36.0 million for the three months ended September 30, 2017 and 2016, respectively. Depreciation and amortization expense related to property and equipment was $110.3 million and $110.9 million for the nine months ended September 30, 2017 and 2016, respectively. Construction in progress includes capitalized costs for ongoing projects that have not yet been put into service. During the third quarter of 2017, two major hurricanes made landfall impacting areas serviced by our hotels. In August 2017, Hurricane Harvey lingered over Texas and parts of Louisiana causing widespread flooding and associated damage. In September 2017, Hurricane Irma made its way up Florida’s west coast causing widespread wind damage, flooding and power outages. Many franchised and owned hotels in affected areas were impacted by the storms, including property damage, damage to infrastructure surrounding the hotels and business interruption. As it relates to our franchise hotels, we anticipate the primary impact will be on the fees we collect from our franchisees, as these fees are typically revenue based. As it relates to our owned hotels, we anticipate that the storms will impact our owned hotel revenues, expenses and gains and losses, as we are the owner/operator of these hotels. Hurricanes Harvey and Irma had a meaningful impact on our business in the third quarter. Due to the damage caused by the hurricanes, as of November 1, 2017 we have eight owned hotels closed and over 3,000 rooms out of service. We are working to reopen the hotels and to restore the out-of-order rooms to service as quickly as possible, but currently estimate that a portion of the rooms and several hotels could be closed for more than 90 days. We are early in the evaluation process of assessing the impact of these natural disasters to our owned portfolio and are currently working with our insurance providers, claims adjusters and construction staff. In the third quarter of 2017, we have recorded estimated net losses of $2.3 million in other lodging and operating expense related to the property damage rendered by these storms.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 5. LONG-TERM DEBT Long-term debt as of September 30, 2017 and December 31, 2016 was as follows: September 30, 2017 December 31, 2016 (in thousands) Current portion of long-term debt $ 17,514 $ 17,514 Long-term debt 1,673,429 1,682,436 Total long-term debt (1) $ 1,690,943 $ 1,699,950 (1) As of September 30, 2017 and December 31, 2016, the 30 day United States dollar London Interbank Offering Rate (“LIBOR”) was 1.23% and 0.72%, respectively. As of September 30, 2017, the interest rate, maturity date and principal payments on the Term Facility (as defined below) were as follows: • During the nine months ended September 30, 2017, we made quarterly scheduled principal payments of $13.1 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 September 30, 2017. Included in the Term Facility as of September 30, 2017 and December 31, 2016 is an unamortized original issue discount of $5.6 million and $6.7 million, respectively. Included in the Term Facility, as of September 30, 2017 and December 31, 2016, is the deduction of debt issuance costs of $15.4 million and $18.5 million, respectively. As of September 30, 2017 and December 31, 2016, we had $16.9 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 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 September 30, 2017, we were in compliance with all applicable covenants under the Senior Facilities. Letters of Credit As of September 30, 2017 and December 31, 2016, we had $14.9 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 and nine months ended September 30, 2017 and 2016: For the Three Months Ended September 30, For the Nine Months Ended September 30, Description 2017 2016 2017 2016 (in thousands) Term Facility $ 19,618 $ 19,153 $ 57,437 $ 57,171 Amortization of deferred financing costs 1,015 985 3,021 2,933 Amortization of original issue discount 372 361 1,108 1,076 Other interest 7 2 18 10 Interest income (316 ) (74 ) (655 ) (171 ) Total interest expense, net $ 20,696 $ 20,427 $ 60,929 $ 61,019

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	NOTE 6. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES During the three and nine months ended September 30, 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: September 30, 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 $ 4,935 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 September 30, For the Nine Months Ended September 30, (Loss) Recognized 2017 2016 2017 2016 (in thousands) Cash Flow Hedges: Interest rate swap (1) Other gain (loss) $ 1,351 $ 1,821 $ 3,164 $ (3,958 ) (1) There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing during the three and nine months ended September 30, 2017 and 2016, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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: September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Cash and cash equivalents (1) $ 180,037 $ 180,037 $ 160,596 $ 160,596 Interest rate swaps (2) 4,935 4,935 9,803 9,803 Long-term debt (3)(4) 1,690,943 1,710,598 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 September 30, 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 3.8% and 3.7%, as of September 30, 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 September 30, 2017 and 2016: September 30, 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) — — 8,384 8,384 — 1 owned hotel (2) — — 3,000 3,000 989 $ — $ — $ 239,200 $ 239,200 $ 989 (1) (2) September 30, 2016 Level 1 Level 2 Level 3 Total Fair Value Impairment Charge (in thousands) Owned hotels identified for possible sale $ — $ — $ 227,816 $ 227,816 $ 94,088 Assets held for sale (1) — — 42,939 42,939 5,545 1 owned hotel — — 1,150 1,150 985 $ — $ — $ 271,905 $ 271,905 $ 100,618 (1) Assets held for sale include three hotels and a restaurant parcel designated as held for sale in the third quarter of 2015, in addition to the five owned hotels the Company entered into agreements to sell during the third 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 the third quarter of 2017, we entered into an agreement to sell one of our owned hotels, located in Morrisville, North Carolina, for $4.3 million, net of transaction costs. We classified this hotel as held for sale during the third quarter of 2017 and expect this transaction to close in the fourth quarter of 2017. In the first quarter of 2017, the state of Texas filed an eminent domain lawsuit ( The State of Texas v. BRE/LQ TX Properties, L.P., During the third quarter of 2016, we entered into agreements to sell two of our owned hotels, both located in the Houston, Texas area. One of the two hotels was sold in the third quarter for $7.7 million, resulting in a gain on sale of $2.0 million. The remaining hotel met the criteria for assets held for sale as of September 30, 2016, with a fair value of $3.6 million. This hotel was sold during the fourth quarter of 2016 for $5.9 million, net of transaction costs. The inputs used in determining the fair value of these assets are based on estimated selling price, less transaction costs. In June 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 second quarter of 2016, we entered into agreements to sell four of the approximately 50 hotels identified in the first quarter of 2016. One of the four hotels was sold in the second quarter for $4.6 million, resulting in a gain on sale of $0.4 million. The remaining three hotels met the criteria for assets held for sale as of June 30, 2016. We recorded an additional impairment charge of $0.6 million to adjust the carrying value of these three owned hotels to their estimated fair value including a reduction for transaction costs, with a resulting fair value of approximately $10.4 million. 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 assets are based on estimated selling price, less transaction costs. During the third quarter of 2016, we sold two of the three hotels identified as assets held for sale for approximately $7.3 million. Additionally, during the third quarter of 2016, we entered into agreements to sell two of the approximately 50 hotels identified in the first quarter of 2016. We recorded an additional impairment charge of $0.4 million to adjust the carrying value of these two owned hotels to their estimated fair value including a reduction for transaction costs, with a resulting fair value of approximately $8.6 million. 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 assets are based on estimated selling price, less transaction costs. During the first quarter of 2017, we sold one of these hotels for $4.1 million, net of transaction costs. During the third quarter of 2017, we sold one of these hotels for $5.8 million, net of transaction costs. As of September 30, 2017, of the approximately 50 hotels identified as candidates for sale in the first quarter of 2016, we have sold five hotels and one hotel is classified as an asset held for sale. 24 owned hotels identified for sale in 2015 During 2015, we identified a portfolio of 24 hotels where it became more likely than not the hotels would be sold significantly before the end of the previously estimated useful life. We recorded an impairment charge of $42.5 million to adjust the carrying value of these assets to their estimated fair value. The inputs used in determining the fair value for these 24 hotels were based on estimated selling prices ranging from $70.0 million to $75.0 million. During the third quarter of 2015, these assets met the criteria for classification as assets held for sale. In 2015, 11 of these hotels were sold for $34.1 million, net of transaction costs. During the second quarter of 2016, three of these hotels were sold for $9.1 million, net of transaction costs. During the third quarter of 2016, seven of these hotels were sold for $17.4 million, net of transaction costs. The remaining three hotels were sold during the fourth quarter of 2016 for $8.0 million, net of transaction costs. Additional Impairment Additionally, during the third quarter of 2017, we identified a hotel where it became more likely than not that the carrying amount would not be recoverable due to a change in market and economic conditions. We recorded an impairment charge of $1.0 million to adjust the carrying value of this hotel to its estimated fair value. The fair value estimate is considered Level 3 within the fair value measurement hierarchy. The inputs used in determining the fair value are based on a combination of historical cash flows and other available market information, such as recent sales prices for similar assets. Additionally, during the second quarter of 2016, we identified a hotel where it became more likely than not that the carrying amount would not be recoverable due to a change in market and economic conditions. We recorded an impairment charge of $1.0 million to adjust the carrying value of this hotel to its estimated fair value. The fair value estimate is considered Level 3 within the fair value measurement hierarchy. The inputs used in determining the fair value are based on a combination of historical cash flows and other available market information.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 September 30, 2017, Blackstone beneficially owned 29.9% of Holdings’ shares of common stock outstanding. As of September 30, 2017 and December 31, 2016, approximately $82.0 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 $0.5 million and $0.9 million during the three months ended September 30, 2017 and 2016, respectively. The fees paid for these products and services were approximately $2.8 million and $3.1 million during the nine months ended September 30, 2017 and 2016, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 July 22, 2016, the court appointed lead plaintiff (“plaintiff”), and, on December 30, 2016, plaintiff filed the operative complaint on behalf of purchasers of the Company’s common stock from November 19, 2014 through February 24, 2016 (the “Class Period”) and on behalf of a subclass who purchased the Company’s common stock pursuant to the Company’s March 24, 2015 secondary public offering (the “March Secondary Offering”). 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. On February 10, 2017, Defendants filed a motion to dismiss the Complaint. On August 24, 2017, the motion to dismiss was granted with prejudice. Subsequently, on September 20, 2017, plaintiff filed an appeal with the U.S. Court of Appeals for the Second Circuit. 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 September 30, 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 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. The IRS has since indicated that it will not pursue the transfer-pricing adjustment. On August 8, 2017, the IRS issued a 30-Day Letter, in which it is proposed to disallow net operating loss carryovers originating in tax years 2006-2011 or, in the alternative, tax years 2006-2009, depending upon the outcome of the 2010-2011 examination discussed above. On September 26, 2017, we furnished a timely protest to the IRS exam team. They have since indicated that they intend to furnish a rebuttal to our protest, at which time the matter will be referred to the IRS Appeals Office. Based on our analysis of the NOL notice, we believe the IRS NOL disallowances applied in the 2012-2013 audit contain the same flaws present in the 2010-2011 audit and that the IRS proposed NOL adjustments are inconsistent with the U.S. federal tax laws related to REITs. We have concluded that the positions reported on our tax returns under audit by the IRS are, based on their technical merits, more-likely-than-not to be sustained upon examination. Accordingly, as of September 30, 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 progress 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 September 30, 2017, we had approximately $68.5 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 September 30, 2017, we had $25.1 million in outstanding commitments owed to various franchisees for such financial assistance.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 $9.9 million and $24.8 million for the three and nine months ended September 30, 2017, respectively. The Company recorded a provision for federal, state and foreign income tax expense of approximately $19.4 million and income tax benefit of $1.4 million for the three and nine months ended September 30, 2016, respectively. The provision for the three and nine month periods ended September 30, 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 spin-off transaction that are not deductible for income tax purposes.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2017, we recognized compensation expense of $3.8 million and $12.1 million, respectively, excluding related taxes. During the three and nine months ended September 30, 2016, we recognized compensation expense of $3.7 million and $10.8 million, respectively, excluding related taxes. Unrecognized compensation expense as of September 30, 2017 was $19.5 million, which is expected to be recognized over a weighted-average period of 1.5 years. As of September 30, 2017, there were 10.6 million shares of common stock available for future issuance under our Amended and Restated 2014 Omnibus Incentive Plan, including shares issuable pursuant to the units granted under our restricted stock unit awards. RSAs — During the nine months ended September 30, 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. RSUs — During the nine months ended September 30, 2017, we issued 50 thousand RSUs with a weighted average grant date fair value of $14.29 per unit, which generally vest in equal annual installments over three years from the date of grant. Vested RSUs are settled for common stock. PSUs — During the nine months ended September 30, 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 nine months ended September 30, 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 nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands, except per share data) Numerator: Net income (loss) attributable to La Quinta Holdings’ stockholders $ 12,415 $ 22,666 $ 30,790 $ (1,260 ) Denominator: Weighted average number of shares outstanding, basic 116,090 115,795 116,004 118,886 Weighted average number of shares outstanding, diluted 116,849 115,955 116,560 118,886 Basic earnings (loss) per share $ 0.11 $ 0.20 $ 0.27 $ (0.01 ) Diluted earnings (loss) per share $ 0.11 $ 0.20 $ 0.26 $ (0.01 ) For the three and nine month periods ended September 30, 2017, approximately 0.2 million shares and 0.4 million shares, respectively, were excluded from the computation of diluted shares, as their impact would have been anti-dilutive. For both the three and nine month periods September 30, 2016, approximately 0.7 million shares 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. The Repurchase Program was completed in May 2016. The Company repurchased 8.1 million shares of common stock at a weighted-average price of $12.27 per share, for an aggregate purchase price, including commissions, of $100 million. The shares repurchased through the Repurchase Program represented approximately 6.6% 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.

Segments

Segments	9 Months Ended
	Sep. 30, 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 income (loss) (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 and nine months ended September 30, 2017 and 2016: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Revenues Owned Hotels $ 229,142 $ 236,426 $ 661,748 $ 688,345 Franchise and management (1) 33,174 32,101 91,318 89,221 Segment revenues 262,316 268,527 753,066 777,566 Other fee-based revenues from franchise properties 7,967 7,310 21,003 19,276 Corporate and other (2) 34,633 33,824 96,032 95,955 Intersegment elimination (3) (36,274 ) (37,349 ) (103,750 ) (109,159 ) Total revenues $ 268,642 $ 272,312 $ 766,351 $ 783,638 Adjusted EBITDA Owned Hotels $ 69,295 $ 76,662 $ 208,955 $ 228,154 Franchise and management 33,174 32,101 91,318 89,221 Segment Adjusted EBITDA 102,469 108,763 300,273 317,375 Corporate and other (8,645 ) (8,026 ) (33,594 ) (26,930 ) Adjusted EBITDA $ 93,824 $ 100,737 $ 266,679 $ 290,445 (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 $18.5 million and $18.8 million for the three month periods ended September 30, 2017 and 2016, respectively, and $52.5 million and $55.3 million for the nine month periods ended September 30, 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 $36.3 million and $37.4 million for the three month periods ended September 30, 2017 and 2016, respectively and $103.8 million and $109.2 million for the nine month periods ended September 30, 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 and nine month periods ended September 30, 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 September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Net income (loss) attributable to La Quinta Holdings’ stockholders $ 12,415 $ 22,666 $ 30,790 $ (1,260 ) Interest expense 21,012 20,501 61,584 61,190 Income tax expense (benefit) 9,862 19,362 24,785 (1,359 ) Depreciation and amortization 38,216 36,224 111,231 111,620 Noncontrolling interests (7 ) 18 119 138 EBITDA 81,498 98,771 228,509 170,329 Impairment loss 989 1,058 989 100,618 Gain on sales (1,457 ) (2,048 ) (1,319 ) (2,770 ) Loss (gain) related to casualty disasters 1,747 (303 ) (1,234 ) (282 ) Equity-based compensation 3,887 3,701 12,186 10,811 Amortization of software service agreements 2,498 2,272 7,145 6,906 Other losses (gains), net (1) 4,662 (2,714 ) 20,403 4,833 Adjusted EBITDA $ 93,824 $ 100,737 $ 266,679 $ 290,445 (1) Other losses (gains), 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 the planned separation of 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 September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 (in thousands) Total Assets Owned Hotels $ 2,530,754 $ 2,499,770 Franchise and management 206,214 198,832 Total segments assets 2,736,968 2,698,602 Corporate and other 214,840 193,921 Total $ 2,951,808 $ 2,892,523 The following table presents capital expenditures for our reportable segments, reconciled to our consolidated amounts for the nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 2016 Capital Expenditures Owned Hotels $ 140,267 $ 76,804 Franchise and management — — Total segment capital expenditures 140,267 76,804 Corporate and other 18,112 $ 12,963 Total $ 158,379 $ 89,767

Significant Accounting Polici21

Significant Accounting Policies and Recently Issued Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 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 August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The purpose of this update is to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosure of hedging arrangements. ASU 2017-12 is effective for annual reporting periods, and interim periods beginning after December 31, 2018. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations and related disclosures. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. This update clarifies the changes to terms or conditions of a share-based payment award that require an entity to apply modification accounting. ASU 2017-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. Early application is permitted and prospective application is required. We do not expect the implementation of this guidance to have a material impact on our consolidated financial position and results of operations. In January 2017, the FASB issued 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 do not anticipate the adoption of this guidance will have a material impact 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. Historically, credit losses have not been material to the Company. We are currently evaluating the impact of this guidance on our financial statements but do not expect the implementation of this guidance to have a material impact on our consolidated 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 rather than recognition of the majority of the fee upon signing, (ii) the deferral of costs to acquire a customer over the term of the agreement rather than expensing as incurred; and (iii) revenue related to accounting for loyalty programs will be recognized as services are delivered, as opposed to recognized on a gross basis when the points are issued. 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 modified retrospective method of adoption. Under this method, the Company expects to record a cumulative adjustment to retained earnings and plans to adopt the standard as of January 1, 2018. Newly Adopted Accounting Standards In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments—Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. We adopted this standard on January 1, 2017 and it did not have a material effect on our financial statements. 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 nine months ended September 30, 2016, we reclassified $1.2 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. We adopted this standard on January 1, 2017. We prospectively applied the guidance dictating excess tax benefits be recognized on the income statement. We retrospectively applied the guidance dictating the presentation of excess tax benefits as an operating cash flow. For the nine months ended September 30, 2016, the adoption of this standard resulted in the excess tax benefit presented in operating and financing activities in the consolidated cash flow statements being eliminated from the presentation. The adoption of this standard did not have a material impact on our financial statements. In addition, we retrospectively applied the guidance dictating cash paid by an employer when directly withholding shares for tax-withholding purposes are classified as a financing activity, which is consistent with the Company’s historical presentation, and therefore had no impact to the Company. Finally, we elected to account for forfeitures when they occur. 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)	9 Months Ended
	Sep. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Hotels Owned, Franchised and Number of Associated Rooms	As of September 30, 2017 and 2016, total owned and franchised hotels, and the approximate number of associated rooms were as follows: September 30, 2017 September 30, 2016 # of hotels # of rooms # of hotels # of rooms Owned (1) 317 40,500 325 41,500 Joint Venture 1 200 1 200 Franchised 576 47,100 567 46,300 Totals 894 87,800 893 88,000 (1)

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2017
Discontinued Operations And Disposal Groups [Abstract]
Major Classes of Assets as Held for Sale	As of September 30, 2017 and December 31, 2016, the carrying amounts of the major classes of assets held for sale were as follows: September 30, 2017 December 31, 2016 (in thousands) Current assets $ 48 $ 64 Property and equipment, net of accumulated depreciation 8,264 29,383 Other non-current assets 72 97 Total assets held for sale $ 8,384 $ 29,544

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2017
Property Plant And Equipment [Abstract]
Summary of Property and Equipment	The following is a summary of property and equipment as of September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 (in thousands) Land $ 739,990 $ 740,996 Buildings and improvements 2,682,165 2,621,924 Furniture, fixtures, equipment and other 462,885 429,307 Total property and equipment 3,885,040 3,792,227 Less accumulated depreciation (1,491,542 ) (1,397,514 ) Property and equipment, net 2,393,498 2,394,713 Construction in progress 100,904 62,067 Total property and equipment, net of accumulated depreciation $ 2,494,402 $ 2,456,780

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt as of September 30, 2017 and December 31, 2016 was as follows: September 30, 2017 December 31, 2016 (in thousands) Current portion of long-term debt $ 17,514 $ 17,514 Long-term debt 1,673,429 1,682,436 Total long-term debt (1) $ 1,690,943 $ 1,699,950 (1) As of September 30, 2017 and December 31, 2016, the 30 day United States dollar London Interbank Offering Rate (“LIBOR”) was 1.23% and 0.72%, respectively. As of September 30, 2017, the interest rate, maturity date and principal payments on the Term Facility (as defined below) were as follows: • During the nine months ended September 30, 2017, we made quarterly scheduled principal payments of $13.1 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 September 30, 2017. Included in the Term Facility as of September 30, 2017 and December 31, 2016 is an unamortized original issue discount of $5.6 million and $6.7 million, respectively. Included in the Term Facility, as of September 30, 2017 and December 31, 2016, is the deduction of debt issuance costs of $15.4 million and $18.5 million, respectively. As of September 30, 2017 and December 31, 2016, we had $16.9 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 and nine months ended September 30, 2017 and 2016: For the Three Months Ended September 30, For the Nine Months Ended September 30, Description 2017 2016 2017 2016 (in thousands) Term Facility $ 19,618 $ 19,153 $ 57,437 $ 57,171 Amortization of deferred financing costs 1,015 985 3,021 2,933 Amortization of original issue discount 372 361 1,108 1,076 Other interest 7 2 18 10 Interest income (316 ) (74 ) (655 ) (171 ) Total interest expense, net $ 20,696 $ 20,427 $ 60,929 $ 61,019

Derivative Instruments and He26

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 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 $ 4,935 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 September 30, For the Nine Months Ended September 30, (Loss) Recognized 2017 2016 2017 2016 (in thousands) Cash Flow Hedges: Interest rate swap (1) Other gain (loss) $ 1,351 $ 1,821 $ 3,164 $ (3,958 ) (1) There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing during the three and nine months ended September 30, 2017 and 2016, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Cash and cash equivalents (1) $ 180,037 $ 180,037 $ 160,596 $ 160,596 Interest rate swaps (2) 4,935 4,935 9,803 9,803 Long-term debt (3)(4) 1,690,943 1,710,598 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	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 September 30, 2017 and 2016: September 30, 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) — — 8,384 8,384 — 1 owned hotel (2) — — 3,000 3,000 989 $ — $ — $ 239,200 $ 239,200 $ 989 (1) (2) September 30, 2016 Level 1 Level 2 Level 3 Total Fair Value Impairment Charge (in thousands) Owned hotels identified for possible sale $ — $ — $ 227,816 $ 227,816 $ 94,088 Assets held for sale (1) — — 42,939 42,939 5,545 1 owned hotel — — 1,150 1,150 985 $ — $ — $ 271,905 $ 271,905 $ 100,618 (1) Assets held for sale include three hotels and a restaurant parcel designated as held for sale in the third quarter of 2015, in addition to the five owned hotels the Company entered into agreements to sell during the third 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)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands, except per share data) Numerator: Net income (loss) attributable to La Quinta Holdings’ stockholders $ 12,415 $ 22,666 $ 30,790 $ (1,260 ) Denominator: Weighted average number of shares outstanding, basic 116,090 115,795 116,004 118,886 Weighted average number of shares outstanding, diluted 116,849 115,955 116,560 118,886 Basic earnings (loss) per share $ 0.11 $ 0.20 $ 0.27 $ (0.01 ) Diluted earnings (loss) per share $ 0.11 $ 0.20 $ 0.26 $ (0.01 )

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Summarized Consolidated Financial Information by Segment	The table below shows summarized consolidated financial information by segment for the three and nine months ended September 30, 2017 and 2016: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Revenues Owned Hotels $ 229,142 $ 236,426 $ 661,748 $ 688,345 Franchise and management (1) 33,174 32,101 91,318 89,221 Segment revenues 262,316 268,527 753,066 777,566 Other fee-based revenues from franchise properties 7,967 7,310 21,003 19,276 Corporate and other (2) 34,633 33,824 96,032 95,955 Intersegment elimination (3) (36,274 ) (37,349 ) (103,750 ) (109,159 ) Total revenues $ 268,642 $ 272,312 $ 766,351 $ 783,638 Adjusted EBITDA Owned Hotels $ 69,295 $ 76,662 $ 208,955 $ 228,154 Franchise and management 33,174 32,101 91,318 89,221 Segment Adjusted EBITDA 102,469 108,763 300,273 317,375 Corporate and other (8,645 ) (8,026 ) (33,594 ) (26,930 ) Adjusted EBITDA $ 93,824 $ 100,737 $ 266,679 $ 290,445 (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 $18.5 million and $18.8 million for the three month periods ended September 30, 2017 and 2016, respectively, and $52.5 million and $55.3 million for the nine month periods ended September 30, 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 $36.3 million and $37.4 million for the three month periods ended September 30, 2017 and 2016, respectively and $103.8 million and $109.2 million for the nine month periods ended September 30, 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 and nine month periods ended September 30, 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 September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Net income (loss) attributable to La Quinta Holdings’ stockholders $ 12,415 $ 22,666 $ 30,790 $ (1,260 ) Interest expense 21,012 20,501 61,584 61,190 Income tax expense (benefit) 9,862 19,362 24,785 (1,359 ) Depreciation and amortization 38,216 36,224 111,231 111,620 Noncontrolling interests (7 ) 18 119 138 EBITDA 81,498 98,771 228,509 170,329 Impairment loss 989 1,058 989 100,618 Gain on sales (1,457 ) (2,048 ) (1,319 ) (2,770 ) Loss (gain) related to casualty disasters 1,747 (303 ) (1,234 ) (282 ) Equity-based compensation 3,887 3,701 12,186 10,811 Amortization of software service agreements 2,498 2,272 7,145 6,906 Other losses (gains), net (1) 4,662 (2,714 ) 20,403 4,833 Adjusted EBITDA $ 93,824 $ 100,737 $ 266,679 $ 290,445 (1) Other losses (gains), 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 the planned separation of 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 September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 (in thousands) Total Assets Owned Hotels $ 2,530,754 $ 2,499,770 Franchise and management 206,214 198,832 Total segments assets 2,736,968 2,698,602 Corporate and other 214,840 193,921 Total $ 2,951,808 $ 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 nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 2016 Capital Expenditures Owned Hotels $ 140,267 $ 76,804 Franchise and management — — Total segment capital expenditures 140,267 76,804 Corporate and other 18,112 $ 12,963 Total $ 158,379 $ 89,767

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)	Sep. 30, 2017HotelRoom	Sep. 30, 2016HotelRoom
Real Estate Properties [Line Items]
Number of hotels | Hotel	894	893
Number of rooms | Room	87,800	88,000
Owned [Member]
Real Estate Properties [Line Items]
Number of hotels | Hotel	317	325
Number of rooms | Room	40,500	41,500
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	576	567
Number of rooms | Room	47,100	46,300

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	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of hotels held for sale	3	3	9	5

Significant Accounting Polici34

Significant Accounting Policies and Recently Issued Accounting Standards - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 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		$ 1,200,000
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				9 Months Ended		12 Months Ended
	Sep. 30, 2017USD ($)Hotel	Jun. 30, 2017Hotel	Mar. 31, 2017USD ($)Hotel	Sep. 30, 2015Restaurant	Sep. 30, 2017USD ($)HotelRestaurant	Sep. 30, 2016USD ($)	Dec. 31, 2016HotelRestaurant
Asset Retirement Obligation Disclosure [Line Items]
Number of hotels classified as assets held for sale		0					5
Number of restaurants parcel held for sale | Restaurant				1	1		1
Number of hotels sold	1	0	3		4
Proceeds from sale of hotel | $	$ 5,800		$ 22,000		$ 27,846	$ 56,418
Waco, Texas [Member]
Asset Retirement Obligation Disclosure [Line Items]
Number of hotels classified as assets held for sale			1
North Carolina [Member]
Asset Retirement Obligation Disclosure [Line Items]
Number of hotels classified as assets held for sale	1

Assets Held for Sale - Major Cl

Assets Held for Sale - Major Classes of Assets as Held for Sale (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Current assets	$ 48	$ 64
Property and equipment, net of accumulated depreciation	8,264	29,383
Other non-current assets	72	97
Total assets held for sale	$ 8,384	$ 29,544

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,885,040	$ 3,792,227
Less accumulated depreciation	(1,491,542)	(1,397,514)
Property and equipment, net	2,393,498	2,394,713
Construction in progress	100,904	62,067
Total property and equipment, net of accumulated depreciation	2,494,402	2,456,780
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	739,990	740,996
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	2,682,165	2,621,924
Furniture, Fixtures, Equipment and Other [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 462,885	$ 429,307

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) $ in Millions	Nov. 01, 2017HotelRoom	Sep. 30, 2017USD ($)Hurricane	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense		$ 37.9	$ 36	$ 110.3	$ 110.9
Harvey and Irma [Member]
Property, Plant and Equipment [Line Items]
Estimated net losses related to property damage		$ 2.3		$ 2.3
Number of hurricanes | Hurricane		2
Harvey and Irma [Member] | Subsequent Event [Member]
Property, Plant and Equipment [Line Items]
Number of hotels closed | Hotel	8
Number of rooms out of service | Room	3,000
Harvey and Irma [Member] | Minimum [Member] | Subsequent Event [Member]
Property, Plant and Equipment [Line Items]
Estimated days of rooms and several hotels closed	90 days

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Current portion of long-term debt	$ 17,514	$ 17,514
Long-term debt	1,673,429	1,682,436
Total long-term debt	$ 1,690,943	$ 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	Sep. 30, 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			$ 13.1
Debt instrument, basis spread on variable rate	3.00%
Unamortized long-term debt reduction			5.6	$ 6.7
Debt issuance costs net			15.4	18.5
Accrued interest			$ 16.9	$ 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			1.23%	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 ($)	Sep. 30, 2014	Sep. 30, 2017USD ($)	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					$ 14,900,000	$ 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest Expense [Line Items]
Other interest	$ 7	$ 2	$ 18	$ 10
Interest income	(316)	(74)	(655)	(171)
Total interest expense, net	20,696	20,427	60,929	61,019
Term Facility [Member]
Interest Expense [Line Items]
Interest expense	19,618	19,153	57,437	57,171
Amortization of deferred financing costs	1,015	985	3,021	2,933
Amortization of original issue discount	$ 372	$ 361	$ 1,108	$ 1,076

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	Sep. 30, 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	$ 4,935	$ 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Classification of Gain (Loss) Recognized	$ 1,351	$ 1,821	$ 3,164	$ (3,958)
Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Other Comprehensive Gain (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Classification of Gain (Loss) Recognized	$ 1,351	$ 1,821	$ 3,164	$ (3,958)

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Amounts recognized in earnings related to hedge ineffectiveness	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Cash and cash equivalents, carrying amount	$ 180,037	$ 160,596	$ 148,183	$ 86,709
Interest rate swaps, carrying amount	4,935	9,803
Long-term debt, carrying amount	1,690,943	1,699,950
Cash and cash equivalents, fair value	180,037	160,596
Interest rate swaps, fair value	4,935	9,803
Long-term debt, fair value	$ 1,710,598	$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Term Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt issuance cost net	$ 15.4	$ 18.5

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended							9 Months Ended		12 Months Ended		21 Months Ended
	Jun. 30, 2016USD ($)Hotel	Sep. 30, 2017USD ($)Hotel	Jun. 30, 2017Hotel	Mar. 31, 2017USD ($)Hotel	Sep. 30, 2016USD ($)Hotel	Jun. 30, 2016USD ($)Hotel	Mar. 31, 2016USD ($)Hotel	Sep. 30, 2015Hotel	Sep. 30, 2017USD ($)Hotel	Sep. 30, 2016USD ($)Hotel	Dec. 31, 2016USD ($)Hotel	Dec. 31, 2015USD ($)Hotel	Sep. 30, 2017Hotel
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of wholly owned hotels agreed to sell | Hotel					5
Number of hotels classified as assets held for sale | Hotel			0								5
Number of hotels sold | Hotel		1	0	3					4
Proceeds from sale of assets		$ 5,800		$ 22,000					$ 27,846	$ 56,418
Gain on sale of assets		$ 1,457			$ 2,048				1,319	2,770
Impairment charge									$ 989	$ 100,618
Number of hotels held for sale | Hotel								3	3	9	5
North Carolina [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of hotels classified as assets held for sale | Hotel		1
Waco, Texas [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of hotels classified as assets held for sale | Hotel				1
1 Owned Hotel [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment charge		$ 989				$ 1,000			$ 989	$ 985
Number of hotels impaired | Hotel	1	1				1			1				1
1 Owned Hotel [Member] | North Carolina [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of wholly owned hotels agreed to sell | Hotel		1
Estimated selling prices		$ 4,300
1 Owned Hotel [Member] | Waco, Texas [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of hotels classified as assets held for sale | Hotel				1
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
Estimated selling prices							$ 8,000
Proceeds from sale of assets						$ 8,400
Gain on sale of assets						300
Impairment charge							3,000
2 Owned Hotel [Member] | Houston, Texas [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of wholly owned hotels agreed to sell | Hotel					2
Number of hotels sold | Hotel					1
Proceeds from sale of assets					$ 7,700						$ 5,900
Gain on sale of assets					2,000
Fair value of assets held for sale					3,600					3,600
Owned Hotels Identified For Possible Sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Proceeds from sale of assets				$ 17,900
Impairment charge										94,088
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
Estimated selling prices					18,400
Impairment charge						$ 13,700
Assets Held For Sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment charge										5,545
Assets Held For Sale [Member] | New York [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment charge					$ 500
50 Owned Hotels Held For Sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of wholly owned hotels agreed to sell | Hotel					2	4
Number of hotels sold | Hotel		1		1	2	1							5
Proceeds from sale of assets		$ 5,800		$ 4,100	$ 7,300	$ 4,600
Gain on sale of assets						400
Impairment charge					400	$ 600	$ 80,300
Number of hotels impaired | Hotel							50
Number of hotels held for sale | Hotel						3			1
50 Owned Hotels Held For Sale [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets held for sale	$ 10,400				$ 8,600	$ 10,400				$ 8,600
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
24 Owned Hotels Held For Sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of hotels sold | Hotel					7	3					3	11
Proceeds from sale of assets					$ 17,400	$ 9,100					$ 8,000	$ 34,100
Impairment charge												$ 42,500
Number of hotels impaired | Hotel												24
24 Owned Hotels Held For Sale [Member] | Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated selling prices												$ 75,000
24 Owned Hotels Held For Sale [Member] | Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated selling prices												$ 70,000
Long-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rates									3.80%		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		9 Months Ended
	Sep. 30, 2017	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	$ 239,200		$ 239,200	$ 271,905
Impairment charge on assets held for use			989	100,618
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	227,816		227,816	227,816
Impairment charge on assets held for use				94,088
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	8,384		8,384	42,939
Impairment charge on assets held for use				5,545
1 Owned Hotel [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	3,000		3,000	1,150
Impairment charge on assets held for use	989	$ 1,000	989	985
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	239,200		239,200	271,905
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	227,816		227,816	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	8,384		8,384	42,939
Level 3 [Member] | 1 Owned Hotel [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for use	$ 3,000		$ 3,000	$ 1,150

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					9 Months Ended		12 Months Ended
	Sep. 30, 2017Hotel	Jun. 30, 2017Hotel	Mar. 31, 2017Hotel	Sep. 30, 2016Hotel	Sep. 30, 2015HotelRestaurant	Sep. 30, 2017HotelRestaurant	Sep. 30, 2016Hotel	Dec. 31, 2016HotelRestaurant
Fair Value Disclosures [Abstract]
Number of hotels held for sale					3	3	9	5
Number of restaurants parcel held for sale | Restaurant					1	1		1
Number of hotels sold	1	0	3			4
Number of additional hotels held for sale						2
Number of wholly owned hotels agreed to sell				5

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 30, 2015	Nov. 30, 2014	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 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			$ 0.5	$ 0.9	$ 2.8	$ 3.1
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%		29.90%
Affiliates of Black Stone [Member] | Senior Secured Term Loan Facility [Member]
Related Party Transaction [Line Items]
Senior secured credit facility			$ 82		$ 82		$ 81.6

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jul. 07, 2014	Sep. 30, 2017
Commitments And Contingencies [Line Items]
Purchase commitments		$ 68.5
Outstanding commitments owed to various franchisees		25.1
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Provision for federal, state and foreign income tax expense (benefit)	$ 9.9	$ 19.4	$ 24.8	$ (1.4)
Income tax federal statutory rate	35.00%	35.00%	35.00%	35.00%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense net of tax	$ 3.8	$ 3.7	$ 12.1	$ 10.8
Unrecognized compensation expense			$ 19.5
Weighted average period of recognition for unrecognized compensation expense			1 year 6 months
Restricted Stock Awards (RSAs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted during the period			700
Weighted average grant date fair value			$ 13.74
Vesting period			3 years
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted during the period			50
Weighted average grant date fair value			$ 14.29
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			400
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 nine months ended September 30, 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	10,600		10,600

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]	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net income (loss) attributable to La Quinta Holdings’ stockholders	$ 12,415	$ 22,666	$ 30,790	$ (1,260)
Denominator:
Weighted average number of shares outstanding, basic	116,090	115,795	116,004	118,886
Weighted average number of shares outstanding, diluted	116,849	115,955	116,560	118,886
Basic earnings (loss) per share	$ 0.11	$ 0.20	$ 0.27	$ (0.01)
Diluted earnings (loss) per share	$ 0.11	$ 0.20	$ 0.26	$ (0.01)

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Mar. 31, 2016
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted shares		0.2	0.7	0.4	0.7
Common stock repurchase, authorized amount						$ 100,000,000
Common stock repurchased during period, shares	8.1
Weighted average repurchase price	$ 12.27
Aggregate stock repurchase price	$ 100,000,000
Percentage of repurchase of common stock	6.60%

Segments - Summarized Consolida

Segments - Summarized Consolidated Financial Information by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting Information [Line Items]
Revenues	$ 268,642	$ 272,312	$ 766,351	$ 783,638
Revenues	7,967	7,310	21,003	19,276
Adjusted EBITDA	93,824	100,737	266,679	290,445
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	262,316	268,527	753,066	777,566
Adjusted EBITDA	102,469	108,763	300,273	317,375
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenues	34,633	33,824	96,032	95,955
Adjusted EBITDA	(8,645)	(8,026)	(33,594)	(26,930)
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Revenues	(36,274)	(37,349)	(103,750)	(109,159)
Owned Hotels [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	229,142	236,426	661,748	688,345
Adjusted EBITDA	69,295	76,662	208,955	228,154
Franchise and Management [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	33,174	32,101	91,318	89,221
Revenues	7,967	7,310	21,003	19,276
Adjusted EBITDA	$ 33,174	$ 32,101	$ 91,318	$ 89,221

Segments - Summarized Consoli60

Segments - Summarized Consolidated Financial Information by Segment (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 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	$ 18.5	$ 18.8	$ 52.5	$ 55.3
Fee charged to owned hotels	$ 36.3	$ 37.4	$ 103.8	$ 109.2

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting [Abstract]
Net Income (Loss) attributable to La Quinta Holdings’ stockholders	$ 12,415	$ 22,666	$ 30,790	$ (1,260)
Interest expense	21,012	20,501	61,584	61,190
Income tax expense (benefit)	9,862	19,362	24,785	(1,359)
Depreciation and amortization	38,216	36,224	111,231	111,620
Noncontrolling interests	(7)	18	119	138
EBITDA	81,498	98,771	228,509	170,329
Impairment loss	989	1,058	989	100,618
Gain on sales	(1,457)	(2,048)	(1,319)	(2,770)
Loss (gain) related to casualty disasters	1,747	(303)	(1,234)	(282)
Equity-based compensation	3,887	3,701	12,186	10,811
Amortization of software service agreements	2,498	2,272	7,145	6,906
Other losses (gains), net	4,662	(2,714)	20,403	4,833
Adjusted EBITDA	$ 93,824	$ 100,737	$ 266,679	$ 290,445

Segments - Reconciliation of As

Segments - Reconciliation of Assets for Reportable Segments to Consolidated Amounts (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,951,808	$ 2,892,523
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,736,968	2,698,602
Operating Segments [Member] | Owned Hotels [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,530,754	2,499,770
Operating Segments [Member] | Franchise and Management [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	206,214	198,832
Corporate and Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 214,840	$ 193,921

Segments - Reconciliation of Ca

Segments - Reconciliation of Capital Expenditures for Reportable Segments to Consolidated Amounts (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 158,379	$ 89,767
Operating Segments [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	140,267	76,804
Operating Segments [Member] | Owned Hotels [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	140,267	76,804
Corporate and Other [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ 18,112	$ 12,963