What: Shares of hotel chain La Quinta Holdings Inc (NYSE:LQ) fell as much as 13% Thursday after the company reported earnings. At 2:51 p.m., shares were trading down about 9.7%.

So what: Third-quarter revenue was up 3% to $279.1 million and net income jumped 33% to $17.1 million. Revenue topped the $278.1 million Wall Street was expecting, but adjusted earnings of $0.19 per share fell a penny short of expectations.  

Management also reaffirmed previous full-year guidance of RevPAR growth of 3.5% to 4.5% and pro forma adjusted EBITDA of $393 million to $400 million and announced a $100 million share repurchase program.

Now what: The slight earnings miss was clearly traders' focus this morning, but long-term I think the trends are positive for La Quinta. Revenue is growing and management said it has a pipeline of 221 hotels that could add another 19,500 rooms to the network. And the share repurchase plan is significant given the company's $2 billion market cap. Long-term I think this is a great buying opportunity even though La Quinta missed Wall Street's guess at earnings this quarter.

Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.