Private investment company Blackstone Group has acquired the La Quinta budget hotel operator for US$3.4bn (£1.95bn, 2.89bn euro).

The board of La Quinta, which operates or franchises more than 600 hotels under the La Quinta, Baymont and Woodfield brands, agreed unanimously to the takeover, which is expected to be finalised by April 2006.

It is the fourth major takeover for Blackstone in the past six months. Earlier this year, the group acquired Merlin Entertainments for US$179m (£102,5m, 152m euro), the Legoland Parks for US$452m (£259m, 385m euro) and the Wyndham group of hotels for US$3.2bn (£1.8bn, 2.73bn euro).