La Quinta Holdings on Wednesday conducted its initial public offering on the New York Stock Exchange.

The hotel company's shares were priced at $17 per share, earning La Quinta $618 million "after deducting underwriting discounts and commissions and before deducting estimated offering expenses," according to the company, falling below the expected range of $18 to $21. As of early Wednesday afternoon, La Quinta shares were trading at about $17.75 per share. The Blackstone Group remains La Quinta's majority owner.