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La Quinta Continues Record Growth to Close the Third Quarter of 2008

Highlights include 45 hotels opened year to date, more than 100 agreements signed,
more than 250 properties in the pipeline, and continued strong RevPAR growth
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Dallas, TX – October 22, 2008 – La Quinta Franchising, the top franchise organization in the hotel industry, continued its record-breaking growth during the third quarter of 2008, and anticipates continued success in the final quarter of the year. 

Here is a summary of the record-breaking numbers: 

  • The brand opened 45 hotels through the end of September, 2008, almost all of which were new construction properties.
  • The pipeline for new agreements is more robust than ever. The pipeline boasts more than 250 locations, of which 99% are for Inns and Suites, and more than 92% are for new construction properties. 
  • Within the pipeline, more than 40% of the properties have already commenced construction and are expected to open within the next twelve months. 
  • La Quinta franchising signed 103 new agreements year to date.
  • RevPAR and Average Daily Rate (ADR) growth for Inn & Suites have remained strong. ADR has experienced a growth of more than 3% year to date. As well, these properties consistently perform above their direct competitors, maintaining RevPAR Indexes that exceed 100% each month. 
Rajiv Trivedi, La Quinta’s Executive Vice President for Franchising, said, “We are proud to announce these results, demonstrating once again the strength of the La Quinta brand in the marketplace, even amidst the uncertain economic conditions of the past months.”

He concluded, “As we look ahead toward the fourth quarter and further toward 2009, we are more confident than ever that the La Quinta brand will stay at the ahead of the pack, providing a superior return on investment for franchisees, and an unbeatable limited service guest experience for consumers.”

The third quarter results follow a year in which La Quinta was recognized as the fastest-growing brand in the entire hotel industry (2007), and its franchising program has been cited for two years running as providing the best Return on Investment (ROI) for franchisees. 

La Quinta’s franchising program was launched in 2001, and since then has signed nearly 600 franchise agreements. The brand has grown to more than 670 hotels, with another 250 in the pipeline. Its rapid pace of growth makes La Quinta a top franchise choice, and the industry leader, in the mid-market segment. 

About LQ Management LLC 
LQ Management L.L.C. is one of the largest operators of limited-service hotels in the United States. Based in Dallas, Texas, the Company operates and provides franchise services to more than 670 hotels in 45 states and Canada and Mexico, under the La Quinta Inn® and La Quinta Inn & Suites® brands. For reservations or more information about La Quinta, please visit www.lq.com or call 1-800-SLEEPLQ. 

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Contact:

Michael Frenkel
La Quinta Franchising
  (212) 808-6556
michael@mfcpr.com
 

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Also See: La Quinta is the Fastest-Growing Hotel Brand for 2007 - 2008 is Off to a Fast Start / March 2008
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