Many people believe that Blackstone Group LP is preparing to bring Hilton Worldwide back to the public markets soon, but it might be Blackstone asset LQ Management LLC that gets the first try at an initial public offering.Blackstone is still believed to be strategizing an exit from its Hilton stake, likely by taking it public, but a timetable for a Hilton IPO remains unknown.“Frankly, I think La Quinta is in the queue ahead of Hilton,” stated analyst David Loeb of Robert W. Baird & Co in reports. LQ has more or less US$3 billion of debt set to come due in July 2012, which accounts for nearly half of Blackstone’s total hotel debt with impending maturity.In February, reports surfaced that Blackstone’s US$26 billion buyout of Hilton had finally turned positive after it maneuvered to reduce Hilton’s US$20 billion debt load by about a fifth. Estimates last year pegged Hilton’s value as having dropped 70% since Blackstone’s 2007 acquisition.Blackstone is still believed to be strategizing an exit from its Hilton stake, likely by taking it public, but a timetable for a Hilton IPO remains unknown.