DALLAS, Feb. 7, 2001 - La Quinta Inns, Inc. signed its first franchisee
agreement under its new franchise program with Atlanta-based Diplomat Hotel
Corp. La Quinta�s first franchised property will be built on the
north side of Atlanta�s Hartsfield International Airport on Virginia Avenue
and is expected to open late 2001.
| Diplomat Hotel Corp. will develop a new 160-room
La Quinta® Inn & Suites prototype featuring a residential style
as well as La Quinta�s latest decor, designs and amenities. The new
Inn & Suites hotel also will feature all-interior corridors as well
as continental breakfast facilities, meeting space, exercise facilities
and a complete business center.
�The response to La Quinta�s franchise program continues to solidify
our belief that La Quinta will be among the preeminent franchisors in the
U.S. marketplace,� said Butch Cash, president and chief executive
officer for La Quinta Inns, Inc. �R.C. and Mike Patel are committed
to 100 percent guest satisfaction and the continued growth of the La Quinta
brand. We are proud to have Diplomat Hotel Corp. join the La Quinta
family.�
R.C. Patel, chairman of Diplomat Hotel Corp. added, �We expect a long
and prosperous relationship with La Quinta. La Quinta is one of the
most recognized and respected brands in |
Diplomat Hotel Corporation, located in Atlanta, GA, was founded
jointly in 1981 by a former soccer star from England who played for the
Atlanta Chiefs, Mike Patel, and his brother, R.C. Patel. The company�s
objective is to be one of the largest hotel franchisee in the U.S. within
the next five years.
The company plans to achieve that aggressive goal by acquiring
and managing quality hotels. They currently own 14 hotels in the southeast,
including 8 properties in the Atlanta area. Diplomat Hotel Corp.�s business
strategy is simple: �To acquire, own, manage and rehabilitate distressed
hotel properties, and assure strong, �hands-on� management by acquiring
properties that are no more than 2 hours driving time from each other.�
Mike and R.C. Patel bought their first property in 1981,
the Holiday Inn in Pell City, Alabama. The rest is history.
R.C. Patel is the CEO and Chairman of the Board. Mike
Patel is the company�s president, 1998-9, Chairman of the Asian American
Hotel Owners Association (AAHOA). |
|
the business, and we�re excited to be playing such a significant role in
their growth strategy.�
With properties primarily located in the Sunbelt, La Quinta formally
launched its franchise program in Sept. 2000 to energize the company�s
long-term growth strategy through rapid expansion into new markets.
La Quinta�s traditionally strong brand loyalty and development of a franchisee-friendly
program has led to an overwhelming response to La Quinta�s new franchise
program.
�The signing of this agreement provides us with a wonderful opportunity
to partner with one of our industry�s premier brands,� said Mike Patel,
president of Diplomat Hotel Corp. �La Quinta�s 32-year history and
brand marketing strength will be key to our future performance.�
Atlanta-based Diplomat Hotel Corporation is a multi-service hotel and
motel investment, development & management company focused on the stabilization
and rehabilitation of existing properties. Founded by brothers R.C.
and Mike Patel in 1981, Diplomat Hotel now owns and operates 14 hotels
in the southeastern United States.
Dallas-based La Quinta Inns, Inc. owns and operates 230 Inns and 70
Inn &
Suites in 28 states. La Quinta is the lodging division of The
Meditrust Companies (NYSE: MT), a real estate investment trust.
Certain matters discussed within this press release may constitute �forward-looking
statements� within the meaning of the federal securities laws. |
